About PayWithCover
PayWithCover is a Financial Services company based in New York (United States) founded in 2012, and was acquired by Velocity Black in September 2015. Mobile payments are enabled for restaurant bills in select cities. PayWithCover has raised $7 million across 2 funding rounds from investors including Velocity Black, Lerer Hippeau and Spark Capital. The company was acqui-hired. Its focus areas include FinTech, Payments, Consumer Payments and Vertical Payments. Its legal entity is Cover, Inc. Its competitors include TabbedOut, paerpay and SpeedETab; 3 of its 3 listed competitors have raised funding.
Company details
iOS and Android app that lets users pay their bills at supported restaurants in New York City and Bay Area. Launched publicly in Oct 2013. Diners can pay the bill using their payment cards, including preferred tip settings and also allows groups to split the bill evenly between guests. Cover makes its money on the back end, reducing the credit card rates that restaurants pay for transactions, in exchange for a small service fee. Works with 45 NYC and 15 Bay area restaurants.
- Headquarters New York, United States
- Stage Acquired
- SectorsFinancial Services
- Website paywithcover.com
- Social LinkedIn Facebook
- Acquired by Velocity Black (Sep 2015)
- Legal Name Cover, Inc
- Total Equity Funding$7M (USD)
in 2 rounds
- Latest Funding Round$5.5M (USD), Series A
Jul 2014
- InvestorsVelocity Black
& 4 more
- Acquired byVelocity Black
(Sep 2015)
Funding Insights of PayWithCover
PayWithCover has successfully raised a total of $7M across 2 strategic funding rounds. The most recent funding activity was a Series A round of $5.5 million completed in July 2014. This substantial capital infusion reflects strong investor confidence in the company's business model, growth potential, and market opportunities. The funding enables strategic expansion, product development, market penetration, and operational scaling to drive long-term value creation and competitive advantage.
- Total Funding $7M
- Total Rounds 2
- Last Round Series A — $5.5M
- First Round $1.5M
(Apr 2013)
- Investors Count 4
All 2 funding rounds of PayWithCover with amounts and investors; the two latest post-money valuations are shown, the rest are part of the premium plan.
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Jul 2014 | $5.5M | Series A | – | – | |
| Apr 2013 | $1.5M | Seed | – | Lerer Hippeau, Red Swan Ventures | – |
5 investors in total: 5 institutional.
Investors in PayWithCover
PayWithCover has secured backing from 5 investors, including venture fund investors. Prominent investors backing the company include Velocity Black, Lerer Hippeau and Spark Capital.
| Investor | Description | Founded Year | Domain | Location |
|---|---|---|---|---|
Spark Capital is engaged in venture capital investments. | sparkcapital.com | San Francisco, United States | ||
US focused VC firm | oatv.com | San Francisco, United States | ||
USA focused VC firm investing in seed and early stage startups | 2010 | lererhippeau.com | New York, United States | |
Tech focused VC firm investing in early stage companies in the US | redswan.vc | New York, United States | ||
Provider of anAI-driven travel planning & recommendation platform | 2014 | velocity.black | London, United Kingdom |
Investor details for PayWithCover
The complete investor list, round-by-round participation and investor portfolios require an active premium plan.
- Complete investor list
- Round participation
- Investor portfolios
- Co-investor network
Verified entity values are shown only after access is granted.
Timeline of PayWithCover
4 dated milestones of PayWithCover across 3 years, from founding to its latest funding, stage changes and deals.
- Founded PayWithCover is founded.
- Funding First funding round of $1.5M.
- Funding Latest funding round, Series A, of $5.5M.
- Exit Acquired by Velocity Black.
Competitors of PayWithCover
PayWithCover has 3 listed competitors in our database, 3 of them funded. They include TabbedOut, paerpay and SpeedETab.
| Company Name | Domain | Founded | HQ Location | Total funding | Employees | Description |
|---|---|---|---|---|---|---|
| tabbedout.com | 2009 | Austin, United States | $41.1M | 40 | Mobile payments and marketing for hospitality venues are facilitated. | |
| paerpay.com | 2017 | Worcester, United States | $7.19M | App-based platform for dining payments | ||
| speedetab.com | 2013 | Fort Lauderdale, United States | $650,000 | Mobile ordering at restaurants & bars |
Detailed competitors of PayWithCover
The full competitor set, operating metrics and side-by-side benchmarks require an active premium plan.
- Full competitor set
- Operating metrics
- Benchmarks
- Competitive positioning
Verified entity values are shown only after access is granted.
Web traffic of PayWithCover
Websites that share an audience with PayWithCover (paywithcover.com).
Websites whose visitors overlap most with PayWithCover. Affinity shows how closely the audiences match.
| Website | Domain | Audience affinity | Monthly visits | Global rank | Profile |
|---|---|---|---|---|---|
| venturebeat.com | 100% | 1.8M | #58,219 | View details | |
| coverscreen.com | 100% | View details | |||
| tabbedout.com | 69% | 2.4K | #7,539,584 | View details |
Top companies in Payments & Remittance Platforms
3 companies that operate in the same segment as PayWithCover (Payments & Remittance Platforms) in United States, ranked by their profile score on The Company Check.
| Company | Description | Founded | Location | Total funding | Revenue | Employees |
|---|---|---|---|---|---|---|
Payment processing and card issuance solutions are provided for businesses. | 2009 | San Francisco, California, United States | USD 9.81 B | 16,622 | ||
Cloud-based accounts payable and receivable software for businesses | 2006 | Palo Alto, California, United States | USD 325.6 M | USD 1.65 B | 3,108 | |
Spend management and accounts payable solutions are delivered to businesses. | 2019 | New York, New York, United States | USD 5.07 B | 6,209 |
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Frequently Asked Questions about PayWithCover
PayWithCover was founded in 2012 and raised its 1st funding round 1 year after it was founded.
PayWithCover is headquartered in New York, United States. It is registered at New York, New York, United States.
PayWithCover is a funded company, having raised a total of $7M across 2 funding rounds to date. The company's 1st funding round was a Seed of $1.5M, raised on Apr 2013.
iOS and Android app that lets users pay their bills at supported restaurants in New York City and Bay Area. Launched publicly in Oct 2013. Diners can pay the bill using their payment cards, including preferred tip settings and also allows groups to split the bill evenly between guests. Cover makes its money on the back end, reducing the credit card rates that restaurants pay for transactions, in exchange for a small service fee. Works with 45 NYC and 15 Bay area restaurants.
PayWithCover has 5 investors. Key investors include Velocity Black, Lerer Hippeau, Spark Capital, O'Reilly AlphaTech Ventures, and Red Swan Ventures.
PayWithCover operates through Cover, Inc.
Yes. PayWithCover was acquired by Velocity Black in September 2015.