SpeedETab announced this morning that it’s being acquired by Wix, the website builder. The deal amount is not being disclosed.
The homegrown startup allows customers to order ahead of time from thousands of restaurants all from one app. For merchants, SpeedETab offers a SaaS product akin to Shopify with a white-label solution and provides a point of sale (POS) system for in-person and mobile ordering. It is now used in all 50 states.
SpeedETab, founded in 2013 and launched in March of 2015, is the brainchild of Miami native Adam Garfield. Years before the pandemic hit, Garfield already saw a need for ordering ahead. His need came from his own impatience while waiting to pay for his morning coffee.
“I would be late in the morning to go to work because I was waiting in line to order my coffee. It was always, ‘Why am I waiting in line to give you money?’ This was in 2013 before there was the whole order ahead thing that you see now,” Garfield, CEO SpeedETab, said in an interview.
Garfield, who is a product of Mast Academy - the Virginia Key-based magnet school - and the University of Florida, later worked in finance in Boston before co-founding the company with Ed Gilmore, CTO at SpeedETab. Gilmore studied computer science at Purdue.
While UberEats, DoorDash, Postmates and Grubhub are convenient, the problem, Garfield explained, is “...that they destroy restaurants.” Third party delivery services often take a big chunk of change from the restaurant, Garfield said. During the pandemic’s early assault on the hospitality industry, SpeedETab helped hundreds of struggling restaurants locally and across the U.S. get up and running with their own online ordering systems for free, often within 24 hours.