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TAMPA, FL — June 11, 2024
Mad Mobile, a pioneering force in restaurant and retail SaaS and payment solutions, is pleased to announce the closure of a $50 million financing agreement. This funding, managed by Morgan Stanley Expansion Capital and Bridge Bank, will be strategically utilized to amplify the expansion of its SaaS and payment technologies, refinance existing debts, and propel sales growth.
Over the past two years, Mad Mobile has made substantial technological investments that have strategically positioned the company for growth. These advancements have enriched the product offerings for restaurants and retailers, significantly enhancing both customer experiences and operational efficiencies.
Bruce Bennett, CEO of Mad Mobile, expressed enthusiasm about the partnership: "We are excited to begin our collaboration with Morgan Stanley Expansion Capital and Bridge Bank as we further broaden our reach into more restaurant and retail markets."
Mad Mobile has seen significant growth, spurred by the increasing need for mobile and flexible retail and restaurant solutions. Offering a complete suite of modern point-of-sale services including mobile POS, mobile ordering, self-checkout, clienteling, mobile fulfillment, and contactless payment. Mad Mobile processes ~$3B in payments, annually. The company is a trusted partner for leading names in mobility and enterprise software, such as Apple, Elo, Amazon, and Salesforce.
Pete Chung, Managing Director at Morgan Stanley Expansion Capital, remarked on the partnership: "We are thrilled to support Mad Mobile's team as they embark on their next phase of expansion and growth.”
“We’re excited to support Mad Mobile’s expansion and their commitment to providing innovative and cutting-edge solutions to the restaurant and retail industry,” added Blake Reid, senior director, in Bridge Bank’s Technology Banking Group.
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About Mad Mobile
Mad Mobile is building the next generation of digital and mobile experiences for more than 21,000 major restaurant and retail locations globally. Mad Mobile owns and operates the CAKE point-of-sale solution which was acquired from Sysco Corporation in 2020. The unique platform creates modern point-of-sale transactions that reimagine how businesses connect with their customers. Top customers include Ralph Lauren, Tractor Supply, Texas Roadhouse, Ike's Love & Sandwiches, Talbots, Miller’s Ale House, Estee Lauder, Signet Jewelers, Ann Taylor, Brooks Brothers, Urban Outfitters, Snipes, West Marine and Toastique. www.madmobile.com.
About Morgan Stanley Expansion Capital
Morgan Stanley Expansion Capital is the growth-focused private investment platform within Morgan Stanley Investment Management. Morgan Stanley Expansion Capital targets growth equity and credit investments within consumer, technology, healthcare, and other high-growth sectors. For over three decades, Morgan Stanley Expansion Capital has successfully pursued growth investment opportunities and has completed investments in over 200 companies, leveraging the global brand and network of Morgan Stanley.
About Bridge Bank
Bridge Bank, a division of Western Alliance Bank, Member FDIC, delivers relationship banking that puts clients at the center of everything. Founded in 2001 in Silicon Valley, Bridge Bank offers a full spectrum of tailored commercial banking solutions, as well as specialized expertise focused on life sciences and technology and innovation companies, at every stage in their life cycle, through its offices in major tech hubs across the country. Bridge Bank also serves the private equity and venture capital communities and provides business escrow services. Bridge Bank is part of Western Alliance Bancorporation, which has more than $70 billion in assets. Major accolades include being ranked as a top U.S. bank in 2023 by American Banker and Bank Director. As a regional bank with significant national capabilities, Bridge Bank delivers the reach, resources and local market expertise that make a difference for customers. For more information, visit Bridge Bank.
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