Point of sale firm ePOS Hybrid beats funding target
Big plans: Bhas Kalangi and Andrew Gibbon
A tech firm start-up, which has developed point-of-sale hardware and software for restaurants, is ready to accelerate its growth plans after beating its crowd funding target.
ePOS Hybrid has developed a system which manages every area of a hospitality venue – from self-checkouts and online & app ordering, to live driver tracking, table management and food waste reporting.
The company completed its funding campaign, raising £400,000 – 60% above the initial goal of £250,000 – from 168 backers.
It now expects to double its 75 new clients per month in the next 12 months and believes the investment will help it hit 2,500 clients by May 2021, generating revenues of over £3.7m.”
Bhas Kalangi, founder & CEO, said: “The entire campaign has been an overwhelming success for us. Surpassing our goal by 60% demonstrates the appetite investors have for our business as well as the food tech industry as a whole.
“We set out to achieve an ambitious target and we’re thrilled to see such a large pool of investors sharing our vision in transforming the hospitality industry.”
Part of the crowdfunding capital will go towards creating eight jobs at its Edinburgh HQ, with further investment fuelling the business’s growth activities.
Andrew Gibbon, head of growth, said: “To have numerous investors from across the globe backing the business, demonstrates a level of excitement and potential for our technology in the UK and abroad.
“We’re now in an incredibly strong position to rapidly grow and build upon the success we’ve achieved since our launch in March 2019.”
Among the Scottish firm’s biggest contributors were a Silicon Valley based company with a $50,000 investment, and a single Australian investor who invested £100,000 midway through the campaign.
ePOS Hybrid secured more than £150,000 in private funding before launching its public crowdfund.
The company is projecting revenues of more than £22m with a customer base of over 12,000 by May 2023.