School of Business & Economics
Laurier Startup Fund helps Tacit Innovations raise $450k in seed funding to fuel growth
Toronto, ON, August 1, 2014 – Tacit Innovations, a fast-growing technology company, today announced it has closed a $450,000 seed-funding round from the Laurier Startup Fund and angel investors. This is the first, of a two-part raise from the company, bringing the total investment in maegan (TM) - Tacit Innovations' mobile ordering platform for restaurants - to $1.1 million.
“Since launching the Laurier Startup 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,” said Dr. Brian Smith, BMO Financial Group Professor of Entrepreneurial Finance at Wilfrid Laurier University. "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.”
maegan(TM) increases customer satisfaction by allowing restaurant-goers to order at their own pace, from their smartphones while dining out.
With maegan(TM), “restaurants can increase their profitability by increasing revenues and saving on labour cost,” said 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 Startup Fund
The Laurier Startup Fund is a unique program out of Wilfrid Laurier University's School of Business and Economics, in which senior undergraduate and MBA students, supervised by faculty and a professional advisory board, screen deals, negotiate with startups and work with other private investors. The Laurier Startup 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 $1-million donation from Laurier graduates Michael and Hennie Stork.
For More Information, please contact:
1920 Yonge St, #262
Toronto, ON M4S 3E2