{"id":42748,"date":"2023-10-20T15:23:29","date_gmt":"2023-10-20T15:23:29","guid":{"rendered":"http:\/\/startupsmart.test\/2023\/10\/20\/three-days-from-empty-clipp-comes-back-to-raise-4-69-million-startupsmart\/"},"modified":"2023-10-20T15:23:29","modified_gmt":"2023-10-20T15:23:29","slug":"three-days-from-empty-clipp-comes-back-to-raise-4-69-million-startupsmart","status":"publish","type":"post","link":"https:\/\/www.startupsmart.com.au\/uncategorized\/three-days-from-empty-clipp-comes-back-to-raise-4-69-million-startupsmart\/","title":{"rendered":"Three days from empty, Clipp comes back to raise $4.69 million – StartupSmart"},"content":{"rendered":"
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Hospitality payments and loyalty program startup Clipp has raised $4.69 million, roughly a year-and-a-half after coming within three days of running out of money.<\/p>\n

 <\/p>\n

Clipp allows users to pay their bar or restaurant tabs from their smartphones via an Android and iOS app. The app, which launched in 2013, has 20,000 users, and is accepted in 570 hotels and bars throughout Australia. It\u2019s on track to process $5 million worth of payments this year.<\/p>\n

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The investment comes from Australian Securities Exchange listed mobile payments and marketing company Mobile Embrace. Clipp co-founder Greg Taylor says the round values the startup at around $8 million.<\/p>\n

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Mobile Embrace has issued a $3.5 million convertible note to the startup with funds to be drawn down quarterly over 18 months.<\/p>\n

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\u201cI think the quantum of the size of the investment by MBE underpins their belief of where mobile payments are going,\u201d Taylor says.<\/p>\n

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\u201cThe value that MBE adds to us is from the consumer marketing angle. And they obviously have an extensive network of ways in which we can get Clipp in front of an enormous audience.\u201d<\/p>\n

 <\/p>\n

Taylor says Clipp will use the cash to develop the product and its team, and a \u201cbig chunk\u201d will go towards customer acquisition.<\/p>\n

 <\/p>\n

Three days of runway<\/b><\/p>\n


<\/b><\/p>\n

<\/b><\/p>\n

It all very nearly didn\u2019t happen. Back in 2013 when the startup was chasing its first round of funding it came within three days of running out of money.<\/p>\n

 <\/p>\n

\u201cWe were literally about three days away from hitting the wall. When we would completely run out of funding and the servers were going to be turned off,\u201d Taylor says.<\/p>\n

 <\/p>\n

\u201cLooking back you laugh and you think it all worked out. But at the time you don\u2019t know what\u2019s going to happen and you\u2019re preparing yourself for the worst.”<\/p>\n

 <\/p>\n

Taylor says in hindsight being able to continue to work through that adversity is an essential skill for startup founders.<\/p>\n

 <\/p>\n

\u201cWe ended up getting investment from our first investor that closed about two days before we had to turn the lights off. It was very close to the line, but basically you\u2019ve got to stick to your guns,\u201d he says.<\/p>\n

 <\/p>\n

\u201cEveryone sees the highs but you don\u2019t see the lows as much. You see the success of Menu Log, one of the most under covered Australian tech stories; it was nearly a billion dollar exit.<\/p>\n

 <\/p>\n

\u201cI think deals of that size; the Atlassian guys are paving the way and showing that there are people down here that can execute.\u201d<\/p>\n

 <\/p>\n

Do you know more on this story or have a tip of your own? Raising capital or launching a startup?<\/i> .<\/i><\/p>\n


<\/i><\/p>\n

Follow StartupSmart on<\/i> Facebook<\/i>,<\/i> Twitter<\/i>, and<\/i> LinkedIn<\/i>.<\/i><\/p>\n","protected":false},"excerpt":{"rendered":"

Hospitality payments and loyalty program startup Clipp has raised $4.69 million, roughly a year-and-a-half after coming within three days of<\/p>\n","protected":false},"author":2,"featured_media":60158,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/posts\/42748"}],"collection":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/comments?post=42748"}],"version-history":[{"count":0,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/posts\/42748\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/media\/60158"}],"wp:attachment":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/media?parent=42748"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/categories?post=42748"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/tags?post=42748"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}