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Tacit Innovations bumps up seed funding to $1.1 mln

Tacit Innovations recently secured a further $450,000 in financing from The Laurier Start-up Fund and angel investors. The deal tops up the $700,000 raised in February from BDC Capital, Canrock, Hyperdrive and other investors, bringing the total seed-stage funding round to $1.1 million. Tacit will use the proceeds to develop its mobile platform that allows customers to discover restaurants, browse menus, manage their orders and pay for their meals. The Toronto-based startup also will focus on additional growth in local markets and expansion in new markets through partnerships with point of sales businesses and other suppliers to the hospitality industry.


Tacit Innovations Raises $450k Seed Funding to Fuel Growth

Toronto, ON, August 1, 2014 –Tacit Innovations, a fast growing technology company, today announced it has closed a $450k seed funding round from The Laurier Start-up Fund and angel investors. This is the first, of a two-part raise from the company, bringing the total investment in maeganTM to $1.1M.

“Since launching the fund back in the Fall of 2013, our student teams have done due diligence on many companies. Tacit Innovations is the first one that has been successful in meeting our criteria for funding. It is our first and obviously most visible investment.” noted Dr. Brian Smith, BMO Financial Group Professor of Entrepreneurial Finance, Wilfrid Laurier University. He added “Given the competitiveness of their platform and the interest of point of sale sellers in it, we anticipate that this funding round will enable Tacit Innovations to increase market adoption.”

maeganTM increases customer satisfaction by allowing restaurant-goers to order at their own pace, from their smartphones while dining out.

With maeganTM, “restaurants can increase their profitability by increasing revenues and saving on labour cost” explains Tacit Innovations CEO Cris Jucan. “Our platform integrates seamlessly with existing critical in-restaurant systems and technologies, such as Point of Sale and Payment solutions.”

Tacit Innovations will use the funding to further grow in the local markets, continue its platform development as well as to fund the expansion in new markets through partnerships with Point of Sales companies and other suppliers to the Hospitality industry.

About Tacit Innovations

Founded in October 2012, Tacit Innovations focuses on enhancing restaurant-goers experience through use of mobile technologies.

Its mobile ordering platform – maeganTM – allows restaurateurs to further differentiate their dining experiences, boost their revenues and increase operational efficiency. With maeganTM, consumers can now discover restaurants, browse menus, manage their orders and pay for their meals from one mobile app, augmenting the restaurant’s existing service.

About The Laurier Start-up Fund

The Laurier Start-up Fund is a unique program out of Wilfrid Laurier University, where senior undergraduate and MBA students, supervised by faculty and a professional advisory board, screen deals, negotiate with start-ups and work with other private investors. The Laurier Start-up Fund aims to teach business students how to make difficult investment recommendations and build a track record of successful startup investments; made possible thanks to a $1M donation from Michael and Hennie Stork.

For More Information

Tacit Innovations
1920 Yonge St, #262
Toronto, ON M4S 3E2

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