A hospitality tech firm has hit its £500,000 goal in pre-Series A funding within 15 minutes of going public on Crowdcube.
Executives at ePOS Hybrid are now extending the crowdfunder, upping the target to a maximum of £2m.
The Edinburgh-based start-up, which also has an office in London, has grown rapidly in the past two years.
Its initial seed funding round took place in early 2020, when it achieved 145% overfunding from an initial £250,000 target.
The company offers connected point-of-sale and digital ordering solutions, aiming to automate a bar, restaurant or takeaway’s operations, streamlining customer ordering, stock control and kitchen management.
During the past two years, ePOS Hybrid’s technology has processed more than £97m of transactions for UK businesses, expanding its user base to 900 UK locations, with more than 7.5 million consumers using its products.
The latest investment should let ePOS Hybrid to roll out its tech to more businesses in the UK, while also supporting international expansion.
Bhas Kalangi, who founded the company, 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 2,000% increase in the volume of transactions being processed by our platform.
“We could simply close the funding round now, but we know there are still many individual and smaller scale investors who would love to be involved, particularly as the next stage of our growth will be to scale internationally.”
Don't miss the latest headlines with our twice-daily newsletter - sign up here for free.
