Funding exceeds target
Silicon Valley investor backs ePOS Hybrid’s food tech platform
Restaurants are being targeted by the sofware (pic: Terry Murden)
Hospitality software startup ePOS hybrid has beaten its crowdfunding target by more than a third after receiving significant backing from investors in Silicon Valley and Australia.
ePOS Hybrid exceeded its target of £250,000 halfway through the month-long campaign, which now has 7 days to go.
The Edinburgh-based firm has raised £337,260 on the Crowdcube platform from 115 backers, including £100,000 from an Australian investor and $50,000 from a Silicon Valley based company.
The start-up has seen strong demand from the hospitality industry for its point-of-sale hardware and software including smart tables and self-checkouts, to online and app ordering and food waste reporting. Since its launch last year, more than 200 B2B customers have used its tech to process 402,000 orders.
As well as strengthening ties in its current markets, ePOS Hybrid will seek customers in the US and other international markets.
Andrew Gibbon, head of Growth at ePOS Hybrid, said: “Hitting and surpassing our investment ambitions so quickly marks a tremendous milestone in our company’s growth.
“We’re now overfunding and still have a week to go. The speed at which we hit our raise target demonstrates the level of interest and confidence among investors for what we’re currently doing and our future.
“We’re thrilled to have secured international investment from Australia as well as Silicon Valley – proving to us that we have a truly global market available with countless opportunities for expansion.”
ePOS Hybrid is projecting a revenue of £22 million with an estimated 12,000 customer base by May 2023.
Founder of ePOS Hybrid, Bhas Kalangi added: “We’re excited to see what the final figure will be as we continue to overfund our campaign. The entire crowdfunding experience has represented one of the biggest successes in our start-up journey so far.
“It’s really highlighted how we’ve disrupted the market and our growing reputation as a game-changer in the hospitality industry.”