UK food tech startup ePOS Hybrid has raised £400,000 as its first funding round comes to an end – 60% above the initial goal of £250,000.
The company surpassed its target halfway through the campaign, and has gained another 89 backers for the final stages of the fundraiser, bringing the total number to 168.
Bhas Kalangi, founder & CEO at ePOS Hybrid, 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 new jobs in its Edinburgh-HQ office, with further investment fuelling the business’s aggressive growth activities.
Andrew Gibbon, head of growth at ePOS Hybrid, 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.
“We’re currently driving towards onboarding 75 new clients per month and we’re forecasting to see this figure almost double in the next 12 months. This investment round will help us hit 2,500 clients by May 2021, generating revenues of over £3.7 million.”
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Among the Scottish firm’s biggest contributors were a Silicon Valley-based company with a $50,000 (£42,000) investment, and a single Australian investor who invested £100,000 midway through the campaign.
ePOS Hybrid projects revenues of £22 million and plans to gain a customer base of over 12,000 by May 2023.
At the time of the crowdfund campaign, CEO and founder Bhas Kalangi said: “84% of food and drink operators are still using little to no technology in their operations – as a result they’re struggling to meet consumer demand.
“Crowdfunding will enable us to roll out our technology to help transform more hospitality businesses throughout the UK.”