Edinburgh-based ePOS Hybrid, a tech startup building electronic point-of-sale (ePOS) platforms for the hospitality industry, has smashed its original crowdfunding target of £250,000, surpassing it by 143% with five days left for potential investment on Crowdcube.

The firm received the money from 115 backers, including £100,000 from an investor in Australia, and $50,000 (£38,699) from a company based in Silicon Valley.

The money will be used to support company growth, with ePOS Hybrid planning to roll out its platforms across several areas of the hospitality industry, including fast food outlets, and plans to build its customer base not only in the UK, but also in the US and other international markets.

The startup said it has experienced “incredibly high demand” for its hardware and software, recently winning a contract with an unnamed fast-food enterprise with locations across the UK.

Andrew Gibbon, head of growth at ePOS Hybrid, commented: “Hitting and surpassing our investment ambitions so quickly marks a tremendous milestone in our company’s growth.

“We’re now over-funding 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.”

Recommended

• ePOS Hybrid Launches Crowdfunding Campaign
• DIGIT Movers and Shakers: February 2020
• Apprenticeships Are “Integral to Everything” Cortex Worldwide Does, says Founder

Founder of ePOS Hybrid, Bhas Kalangi, added: “We’re excited to see what the final figure will be as we continue to over fund 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.”

The company projects revenue of more than £22 million by 2023, with an estimated customer base of 12,000 companies across the globe.