LoungeBuddy (TLabs here) has locked in its Series A financing in an oversubscribed round that netted $3 million.
The lead investor is Peter Thiel's choosy Founder's Fund, putting LoungeBuddy into a pedigreed investment circle that includes Airbnb, SpaceX, and Lyft. Other investors in this round include Stephen Mendel (former Managing Director of In-Q-Tel) and Robert Cohen of Benson Oak Capital.
The company now claims over 300,000 users, with coverage of 2,000 lounges at 600 airports. LoungeBuddy recently became one of the first travel platforms to accept Apple Pay at its point-of-sale, with the payment already accounting for 25% of completed transactions.
The Apple Pay integration followed a push to install iPads at lounges worldwide, which allows partner lounges to offer direct in-app purchases of lounge access. This sort of direct access via a mobile app had not been available prior to LoungeBuddy, and ensures that users who are looking for a lounge can quickly and easily purchase a pass and enjoy the lounge. Currently users can purchase day passes within the app at 32 locations throughout the U.S. and U.K.
LoungeBuddy's iPad Lounge Management System is deployed in all Alaska Airlines Board Rooms, Minute Suites locations, and some Plaza Premium lounges and Servisair Lounges.
NB: Airport app image courtesy Shutterstock.