IW Capital leads £800k Growth Equity investment for Ubamarket Ltd – the ‘Scan Pay Go’ retail tech app transforming in-store retail
IW Capital today announces the completion of an oversubscribed £800k investment round for Ubamarket Ltd, providing a boost to the company in its goal to evolve its existent white label retail app, Ubamarket, and revolutionise the hospitality sector with the new NOMM (New Order Magic Menu).
Ubamarket Ltd – founded in 2016 – is a pioneer of ‘Scan Pay Go’ technology, offering the most innovative solutions to providing the fastest ‘in and out’ visit to supermarkets, through features such as aisle sat-nav, automated lists, facial recognition and till-less check out. For their retail app Ubamarket, partnerships with SPAR and Central England Co-Op have reinforced the skill and innovation devoted to the app, as well as the highlighting the consumer need for such technology.
This top-up investment from private equity firm IW Capital will be used to accelerate the company’s expansion plan into new industries such as hospitality. With the periods of lockdown closing the industry, it has come to the attention of many publicans and restaurateurs that in order to meet client demand in a safe manner post-Covid, the implementation of technology will be an essential. The raise completed by IW Capital was in fact closed with more investment than first sought after, following an oversubscription due to investor demand to back an innovative product at this timely period. Following the completion of the raise, Ubamarket Ltd has acted swiftly to create NOMM, which will seek to be the most sophisticated app available to the hospitality sector.
Taking much of the software from Ubamarket, and evolving for the hospitality sector, NOMM is the first app of its kind to offer contactless payment, interactive menus, facial recognition, takeaways and deliveries. Furthermore, the benefits for the venues include an API cloud-based software that is linked to the POS system, meaning that any changes made to the menus in the restaurant are updated to the app in real time.
While some investors have treaded with caution as a result of Covid-19, we believe that now is exactly the right time to be investing into innovative businesses. This is especially true of those which offer tangible products which industries such as hospitality are desperately in need of once they open up again this summer. With Ubamarket Ltd providing exactly what customers are crying out for within the retail and hospitality experience, their service provision is catering to a huge captive market. We believe, along with our investor base, that now is the most opportune moment to provide a platform for SMEs to thrive, and we believe that Ubamarket Ltd will continue to go from strength to strength, and add to their already impressive roster of partnerships.
To find out how IW Capital could maximise your investment opportunities, please contact the team today on 020 7015 2250, or email info@iwcapital.co.uk.