Grazzy increases financial wellness across
hospitality and service industries with its same-day-pay, banking
and tipping solutions for any size business
AUSTIN,
Texas, July 25, 2024 /PRNewswire/ -- Grazzy,
the digital payments platform for hospitality and service-focused
businesses today announced the completion of a $4MM Seed round with
participation from AZ-VC, In Revenue Capital, Iron Skillet
Partners, Tuesday Capital, and Next Coast Ventures. The latest
funding will help Grazzy expand its team, accelerate new customer
onboarding, and scale partnerships, integrations and go-to-market
strategies to continue the company's exponential growth.
Grazzy has grown its customer base 100x in the last 18 months, a
reflection of confidence in the hospitality market that digital
tipping is a powerful tool for labor retention, and that Grazzy's
uniquely flexible and scalable solution is the best fit for large
enterprises. That enterprise trust in Grazzy was further reinforced
last autumn, when the company became the only digital tipping
provider to be approved by all four of the major global hotel
brands.
"We're meeting a seriously understaffed market with a solution
that can truly deliver more money, more often to front-line
employees," says Grazzy Founder and CEO Russell Lemmer. "On the Grazzy platform, we've
moved millions of dollars directly to thousands of worker wallets.
And we did that while saving our enterprise customers thousands of
dollars a month in recruitment and retention costs. This latest
funding will support new customer acquisition, feature development,
and ecosystem partner integrations that will further accelerate
Grazzy's remarkable growth."
Grazzy's innovative platform has proven clear benefits to its
customers, enabling businesses to improve employee satisfaction and
retention through efficient, same-day payment solutions. By
addressing the industry's need for modern, secure tipping options,
Grazzy helps companies save on recruitment and retention costs
while ensuring that front-line workers receive their earnings
promptly.
"Carnation Auto Spa has experienced a remarkable boost in
employee take-home pay since partnering with Grazzy," said
Drew Shepard, Operating Partner at
Iron Skillet Partners and CEO for Carnation Auto Spa. "We've seen a
5x increase in tips and a 4x increase in the total value of tips
earned by our staff. The addition of digital tipping options has
also significantly improved safety across our 20+ locations in the
Dallas-Fort Worth area by
minimizing the amount of cash on-site and reducing the risk of
theft."
"AZ-VC is delighted to invest in Grazzy's latest funding
round. They are a power player in the market, offering modern
solutions compared to the outdated habit of tipping cash. Grazzy's
ability to quickly and seamlessly scale across different areas and
size of service makes them a valuable partner to any business
looking to incorporate digital tipping solutions," says
Ashok Santhanam, Venture Partner at
AZ-VC.
About Grazzy
Grazzy helps hourly employees make
more money, access it the same day, and save and spend in more
meaningful ways. By improving financial wellness for front line
workers, Grazzy reduces retention and recruiting costs for hotels,
bars, restaurants, salons, car washes, and more. Grazzy also
benefits back of the house operations by providing assistance to
ensure tax compliance, scaling for businesses of any size, and
real-time assistance with an expert care team. Our extensible
payments platform enables digital tipping, instant disbursements,
and inclusive banking solutions that are built to scale with
hospitality and services businesses of any size. To learn more
visit https://www.grazzy.com.
About AZ-VC
AZ-VC is Arizona's largest venture capital fund.
Founded in 2022, AZ-VC's first fund of $115M invests in early-stage B2B software
companies in Arizona and the
broader Southwest. As a long-term partner to founders, AZ-VC's
investing team leverages deep operating experience and network to
help startups with product-market fit grow into great companies. To
learn more, visit azvc.com.
Media Contact:
Rick
Medeiros
510-556-8517
380858@email4pr.com
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SOURCE Grazzy