Edinburgh-based software startup, ePOS Hybrid, has launched a month-long public crowdfunding campaign to raise £250,000 to help support company growth, having already secured £150,000 of private funding.
ePOS Hybrid has also acquired a further $50,000 (£38,000) investment from a US company based in Silicon Valley.
The company has developed an Electronic Point of Sale (ePOS) platform for the hospitality industry, with products including point of sale terminals and online and mobile ordering solutions.
It also provides customer self-checkouts and the UK’s first interactive smart tables which work in conjunction to make the experience smoother for customers.
The company recently won a contract with an unnamed fast-food enterprise with locations across the UK.
Andrew Gibbon, head of growth at ePOS Hybrid, said: “The launch of the campaign and the momentum it has already generated, especially from US investors, has brought great excitement amongst the team.
“We’ve worked extremely hard to get the business to where it is today, and the launch of this funding round represents an exciting next chapter in our business’s success.
“The crowdfunding will allow us to supercharge our customer on-boarding through investment across our marketing and sales activity.
“We’ve spent the last six months implementing sustainable growth strategies, achieving effective lead generation and low customer acquisition costs, and we’re now able to rapidly scale.
“We’re currently growing our customer on-boarding to 75 new clients every month, and this funding round will allow us to create new jobs to help facilitate our ever-growing customer signups and wider business development.”
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The company has customers in Scotland, England and Wales, as well as Australia and India. Since its product launch in April 2019, it has secured more than 200 clients and is set to reach 500 clients by May 2020.
Bhas Kalangi, CEO and Founder of ePOS Hybrid said: “This deal represents our focus on delivering our technology to both SME and enterprise organisations throughout the UK.
“I’ve focused on bringing in highly knowledgeable individuals into the business. Our management team bring a wealth of experience to the business which has allowed us to refine and scale far quicker than originally anticipated.
“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 businesses in the hospitality industry.
“We’re excited to continue innovating and bringing new and exciting products and functionality to the market.”
The crowd-funding campaign will be run through British investment and crowdfunding platform Crowdcube, which has created millions of pounds worth of investment for start-ups and entrepreneurs.