Lavu, the SaaS mobile point of sale company, has closed $15 million investment in a Series A funding with Aldrich Capital Partners.
Earlier, Lavu integrated with LoyalTree, PayPal, and EMV chips and also launched Lavu 3.0, the new flagship product offering features such as offline mode and a custom loyalty and rewards program.
The company showed 59 percent growth in recurring revenues year over year, including 51 percent in Q1 of 2015.
The company said it will expand its product line and open satellite offices in major cities on both coast by utilizing the investment funds.
“Lavu is excited to partner with Aldrich Capital Partners. Mirza Baig brings a wealth of knowledge to the team having helped scale numerous high-growth technology companies during the course of his career at Aldrich Capital, AOL and other companies he co-founded,” said Andy Lim, CEO and co-founder of Lavu.