An Edinburgh software firm behind an app dubbed “the waiter in your pocket” has attracted £2.7 million of new funding in a round led by Glasgow-based private equity group Maven Capital Partners.
It follows QikServe forming a partnership with US technology giant Oracle early last year to help develop the Scottish company’s technology, which lets customers order and pay for meals in cafés and restaurants with their smartphones or tablets.
This funding will accelerate our global footprintDaniel Rodgers
QikServe said that the new funding would enable the rapid rollout of its software platform across the hospitality sector “satisfying millennials’ demand for mobile solutions”.
The cash injection includes a £2m investment from Maven, alongside £700,000 of additional backing from existing investors, Par Equity, Equity Gap and Scottish Enterprise.
The group said the accelerated global rollout of the technology would include a “major expansion” into the United States, growing the firm’s workforce in key areas, and supporting channel partners.
Daniel Rodgers, chief executive of QikServe, said: “A dramatic global shift in hospitality economics is resulting in increased uptake of digital self-service technology.
“Mobile ordering and payments are now pressing concerns for businesses across the global hospitality sector as they seek to improve service, reduce costs and meet the expectations of the modern consumer.
“We are already working closely with billion-dollar hospitality companies and this funding, combined with our Oracle integration, will accelerate our global footprint, strengthening our position at the forefront of enterprise solutions for hospitality.”
The Scottish company was founded in 2011 by entrepreneurs Rogers and Ronnie Forbes. It claims that its technology increases spending per head of between 50 and 73 per cent.
David Milroy, investment director at Maven, commented: “We are looking forward to working with Dan, Ronnie and the team. We have been hugely impressed by the functionality and capability of the QikServe platform and believe that the technology offers a differentiated service to hospitality clients who are keen to realise the potential self-service offers in terms of increasing order value.”
The investment in QikServe represents Maven’s sixth venture capital trust transaction and in total its 12th private equity investment in the past year.