Hospitality tech firm ePOS Hybrid in cash call
Hospitality tech disruptor ePOS Hybrid is aiming to raise £500,000 in its second funding round which will underpin its expansion plans.
The Edinburgh-based company provides digital ordering solutions to bars and restaurants and the investment will enable it to roll out its technology across the UK, expand into new territories such as India, and support further innovation. A number of new products are due to launch in the next few months.
Its first funding round of £250,000 was oversubscribed and the firm is expecting similarly high demand when the latest cash call gets under way shortly on the Crowdcube platform.
Andrew Gibbon, head of growth, said: “The advances we have made since our last crowdfunding success are game changing and our second round is already highly-anticipated, with overwhelming demand already being seen from both existing and new investors.”
The company was founded in Edinburgh by computer science graduate and serial entrepreneur Bhas Kalangi. In the past two years the platform has processed more than £94 million for UK businesses, a 2,000% increase since its last investment round.
It has also generated a 400% increase in its customer base, and is now present in nearly 900 UK locations processing more than £6.7m in monthly sales. More than 7.5 million consumers have used its products.
Mr Gibbon added: “We have a number of key growth areas within the business which represent massive scaling opportunities for us.
“This new funding will allow us to take advantage of these and drive the business towards achieving our targeted 10x growth over the next two years.”