updated 01/11/2013 10:15AM
iPourIt taps initial round funding from private equity firm
iPourIt Inc., a company that retrofits bars’ beer taps and other venues to allow patrons to serve themselves beer, has secured an initial round of investment from Anaheim-based private equity firm METRIX Capital Group and two other venture capitalists. iPourIt plans to use the new funding to expand its sales and marketing efforts on a national scale. Currently, the Newport Beach-based company has signed two initial clients to adopt its technology in Orange County.
The iPourIt system works by employing RFID technology so that customers at beer-serving venues can pour their own pints. When initially implementing the iPourIt system, the taps of a bar are outfitted with special valves, beer meters and RFID readers. Then, when a patron enters the location, his or her ID and credit card are scanned, and that information is linked to a uniquely coded RFID wristband that the patron is given to wear. When the patron serves himself or herself from the tap, the RFID reader registers the individual’s information from the wristband and measures exactly how much beer the patron has served and charges that him or her accordingly. In this way, the iPourIt system helps eliminate the waste and hassle associated with bar tabs, charging patrons for exactly the amount of beer poured.
Apart from the initial costs associated with installing the new technology, bar operators must also pay a nominal per ounce fee for using the iPourIt system. Company founders Brett Jones and Joseph McCarthy insist, however, that the fee pales in comparison to the revenue that will be saved by eliminating the wastefulness associated with pouring beer and by empowering owners to charge for every last ounce of a given keg.
“Joseph and Brett have done a great job in identifying a technology that eliminates a pain point that bar and restaurant owners have been agonizing over for years,” said Jeff Brannon, managing partner and founder of METRIX. “iPourIt is well positioned to catapult onto the national scene and disrupt the industry.”
According McCarthy, who also serves as iPourIt’s CEO, the new round of financing gives the company “the flexibility to implement [its] system anywhere, from a corner bar to a 100,000 seat stadium.”
Along with METRIX, two other private investors, Joe Ueberroth and Jon Spotts, have also pledged capital to the project. As part of his investment, Spotts will join the company’s board of directors.
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