published Wednesday, March 12th, 2014

Rapid RMS gets seed capital for growth

Rapid RMS, a revolutionary Point-of-Sale (POS) system built specifically for the convenience, liquor and package store operators, announced today it is getting another $350,000 of equity investments from a local venture fund and individual investors.

Rapid RMS is founded by Nirav Patel, whose family boasts decades of retail experience and continues to own and operate several local liquor and convenience stores. The business grew out of the Accelerator program operated by the Co.Lab last fall.

“As retailers ourselves, we know what frustrates our peers about their current POS (point of sale) systems,” Patel said. “Rapid RMS minimizes the hassles of Inventory Management and Reporting and virtually eliminates lost revenue due to downtime and system malfunction. We built our system to make software updates easy and free for retailers, making it the last POS tool they will ever need to purchase.”

Rapid RMS gives retailers more precise information while providing employees with an interactive marketing tool to help boost sales and operate more efficiently. Because Rapid RMS is cloud-based and runs on iOS, it operates at a fraction of the cost of other Point of Sale systems.

Blank Slate Ventures is investing $200,000, and individual investors are taking the remaining $150,000 in available equity in the Rapid RMS. This will complete the capital raise by Rapid RMS and marks another investment by Blank Slate since exiting Quickcue in an $11.5 million sale to Open Table.

“Rapid RMS is one of the most promising startups to come out of our CO.LAB Accelerator, and we’re very proud to have supported its launch,” said Mike Bradshaw, executive director of CO.LAB. “We’re even prouder to know this investment is tied to the acquisition of Quickcue, a local company that grew out of our 48Hour Launch program."

Blank Slate co-founder Lex Tarumianz echoed Bradshaw’s enthusiasm about the local startup environment, calling Rapid RMS a bright source of new business potential.

“This company is the latest in a series of solid startups to emerge in our area," Tarumianz said.

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