A HOSPITALITY technology company has announced plans for rapid business growth and a host of innovations and product advancements.
It comes as Edinburgh-based ePOS Hybrid raised almost £750,000 in a second seed fund round following a period of growth despite challenging market conditions.
The firm was founded by entrepreneur Bhas Kalangi, who said: “The demand from investors for our second seed round has been overwhelming.
“We’ve attracted a lot of institutional investors who are looking to engage in negotiations despite the round being closed. The money raised will help us pave the way for a period of aggressive hyper-growth across our customer base, our revenues and also across our product innovation.”
A total of 329 backers joined the latest round bringing in £634,652 through the Crowdcube platform – much of it from repeat supporters and existing network - and a further £100,000 from an angel investor.
Andrew Gibbon, ePOS Hybrid head of growth, said the firm was "able to innovate and thrive throughout the pandemic, despite the hospitality industry grinding to a halt”.
“We were able to achieve a very strong product market fit, and deliver the right solutions to our customers at a time where they needed them the most,” he said. “However, outlets are still trying to recover from the effects of Covid but now face skyrocketing operational costs and staff shortages. A huge challenge is the dependence on third-party delivery platforms, who charge up to 35% commission. For many that is unsustainable.
“We’ve made it incredibly easy - and affordable - for restaurants and takeaways to roll out the kind of online presence, digital ordering, tracking, and simple payment systems that are associated with the biggest players.
“Our customers can take back control of their businesses, including when it comes to online ordering. We estimate our customers have saved at least £2.1m that would otherwise have been paid in third party commissions.”
The tech company has created platform for payments, digital ordering and operations management to create a centralised management hub for food and drink businesses.
New coach service bids to shake up Scottish travel sector
A NEW inter-city coach service has entered the Scottish market, promising cut-price fares and a greener mode of transport than cars and planes.
German-owned FlixBus launched its Scottish operation yesterday with a new daily service connecting Glasgow and Aberdeen, with ticket prices starting at 99p for the month of August.
Scottish energy firm to support Swedish state-owned renewables giant's portfolio
A SCOTTISH energy contractor has hailed a major deal with a Swedish state-owned renewables giant.
Aberdeen-headquartered PD&MS Group has secured a three-year operations and maintenance (O&M) contract with Vattenfall to support its European offshore wind portfolio for an undisclosed sum.
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