The French startup Tiller has just raised €12,000,000 and aims to become the European leader by 2020. If the cash register solution can afford such big goals, it’s because their solution goes far beyond the hardware.
1/3 of restaurants makes it
The observation is harsh: of the 180 000 restaurants currently open in France, only one third will make it. One reason: poor management will cause the downfall. This situation is not limited to restaurants, though. France has numerous small retail businesses that go down the same path. Josef Bovet, Vincent Oliveira et Dimitri Farber decided to offer them the means to concentrate on their trade rather than management.
The 360° solution
Even though they offer a cash register solution, the Tiller team knows it’s not enough to help small businesses. They added two more components. The Cash Register is the hardware, made of an iPad and an app designed to be easy to use. For those who seek to get credit card payments, the SumUp terminal can be added. Then there is the software: a full back-office that gathers data and automates accounting tasks. An app gives detailed insights into the business’ performance. The third component is the integration of over 40 services to support the manager on a daily basis.
12,000,000 Euros, 5000 clients and 35 countries
Created four years ago, Tiller entered the hyper-growth stage last year. The team of 150 is scattered across Europe which also helps to grasp the specific accounting rules of each country. Because Tiller is not just a cash register, they do not have major competition. Most other companies offer only the hardware part.
Tiller had raised €100,000 back in 2015 then €4,000,000 in 2016 but this time the company motto (“Go big or go home”) took another dimension. Ring Capital, Omnes Capital, Cambon Partners and 360 Capital Partners invested €12,000,000. An extra €8,000,000 are available for upcoming acquisitions.
100 new recruits within a year
Tiller is now ready to grow even more with 100 new positions to be filled within the year to come. The goal of becoming the number one solution for small businesses in 2020 is now quite tangible.