Tech firm plans US expansion
QikServe raises £2.7m in Maven-led backing
Scottish technology firm QikServe, which has developed a B2B cloud-based platform for hospitality operators, has received £2.7 million to help it expand.
Maven Capital Partners, the private equity house, has led the investment into the Edinburgh-based company.
The technology enables customers to order and pay for items from a smartphone, tablet or self-service terminal.
Founded in 2011 by Daniel Rodgers and Ronnie Forbes, QikServe’s software is now being used by a number of global hospitality businesses.
Today’s funding, which includes a £2 million investment from Maven, alongside £700,000 of additional backing from existing investors, Par Equity, Equity Gap and Scottish Enterprise, will support the global roll-out of QikServe’s innovative platform, including expansion into the US, growing its workforce in key areas, and supporting channel partners.
QikServe is the only accredited mobile ordering system that is fully integrated with a world-leading EPOS provider, Oracle Hospitality, and provides it with access to more than 330,000 accounts across 180 countries.
Daniel Rodgers, chief executive, said: “A dramatic global shift in hospitality economics is resulting in increased uptake of digital self-service technology.
“Mobile ordering and payments are now pressing concerns for businesses across the global hospitality sector as they seek to improve service, reduce costs and meet the expectations of the modern consumer.
“We are already working closely with billion-dollar hospitality companies.”
David Milroy, investment director at Maven, added: “We have been hugely impressed by the functionality and capability of the QikServe platform and believe that the technology offers a differentiated service to hospitality clients.
“The hospitality market needs to adapt in the same way that the wider retail market has responded to evolving consumer habits. With Millennials in particular demanding mobile solutions there is a clear need for the hospitality sector to embrace technology.
“The hard work and efforts of the QikServe team over a number of years have put them at the leading edge of their market and once again it is great to see another exciting technology business originating out of Edinburgh which is capable of satisfying a global market.”
The investment in QikServe represents Maven’s sixth venture capital trust transaction and in total its 12th private equity investment in the past year.
Maven was advised on the transaction by Burness Paull.