The start-up ePOS Hybrid has reached its £500,000 crowdfund target in just fifteen minutes after going publicly live in their endeavours on Crowdcube. The delighted bosses of the Edinburgh-based hospitality firm have since announced that they are upping their target on the investment platform to a maximum of £2 million in the coming months.
Success in a Pandemic
After upping the target of the firm on Crowdcube, the funding of the start-up currently stands at £576k. Smashing their target in such an impressive feat crowns the end of two years of success and rapid growth for the hospitality technology platform.
The firm is based in Edinburgh but has also opened an office in London since its launch. Whilst its latest triumph has been on Crowdcube – a British investment crowdfunding platform – ePOS Hybrid has, in fact, already enjoyed success on this platform before. The initial seed funding of ePOS Hybrid took place on Crowdcube in early 2020 where it also smashed its original target of £250,000.
Despite launching ahead of the Covid-19 pandemic (which had serious impacts on the hospitality sector), the founder of the company Bhas Kalangi has commented on the substantial increase of the firm. In response to their latest success, Kalangi said, “This has blown away our expectations and is a real tribute to everything the team has achieved in the past two years.”
“Despite the pandemic having considerable impact on the hospitality sector, our technology has scaled impressively in the past 24 months with a 400% increase in our client base and 2000% increase in the volume of transactions being processed by our platform.”
Due to the overall success of the firm since its launch and recent overachievement on Crowdcube, Kalangi commented on how this has given confidence to the firm to continue to set high targets for the platform. “Therefore, we are going to extend the crowdfunding process to mid-June. It may be ambitious to set the new target at £2m but it feels like the right time to set the bar high.”
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The Growth of the Hospitality Technology Provider
ePOS Hybrid is a technology provider to the hospitality sector. It delivers to providers such as restaurants, pubs, and bars. The firm aims to modernise the service of these companies as well as generating business growth and creating new sales channels. The platform offers a suite of fully connected point-of-sale, digital ordering solutions and FinTech for hospitality businesses.
The cutting edge hardware offered by the firm is market-leading in terms of design, usability and performance.
By creating new sales channels and reducing third party commission costs, the firm has helped businesses to increase their efficiency and save £1.6m on third party commissions (such as food delivery services) in the past two years alone.
The platform has also cultivated a global customer base. In the UK, the technology of the firm has expanded its user base to over 900 locations and, consequently, more than 7.5 million customers have used its products to order a meal or to buy drinks. In the past two years, its technology has processed more than £97 million of transactions for UK businesses.
Its increased investments will enable ePOS Hybrid to continue this growth on a global scale. Kalangi continued to comment that, “the next stage of our growth will be to scale internationally.” Expansion into new territories, such as India, will enable the further innovation and development of the firm. ePOS Hybrid has stated that they are continually looking to integrate and partner with pioneering companies as they continue to excel the progression of the technology provider.