IW Capital has completed an oversubscribed GBP800k investment in the latest round of a GBP2.9 million raise for Ubamarket LTD.
Ubamarket LTD – founded in 2016 – is a pioneer of ‘Scan Pay Go’ technology, offering 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. Therefore, Ubamarket LTD has now acted swiftly to create NOMM, which will seek to be the most sophisticated app available to the 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.
Luke Davis CEO of IW Capital, says: “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.”
Will Broome, CEO of Ubamarket LTD, says: “We are proud to have so many people have such faith in our service. 2020 was an excellent year for us, building such crucial trade partnerships. Now we are looking to continue 2021 in a similar vein with our bold expansion into the hospitality industry. Through NOMM, we are providing an app that will bring reassurances and comfort to guests and business owners alike. Once the industry is reopened, we will have produced the fastest, cheapest and most tech-enabled solution to many of the problems Covid has highlighted.”
