Serving up £2.6 million for guest self-service platform
Growth Capital Ventures has recently co-invested alongside funds managed by leading private equity manager, MAVEN Capital Partners, in a funding round that exceeded its initial target and resulted in a fund-raise of £2.6 million.
Founded in 2011 by entrepreneurs Daniel Rodgers and Ronnie Forbes, QikServe is the enterprise platform for guest self-service in hospitality.
Using any channel from kiosks and tablets to web and mobile apps, hospitality operators can provide powerful in-store solutions from ordering to payment, giving guests the convenience to order and pay for their food and drinks whenever and however they want.
How did GCV support QikServe?
Built on the understanding that we’re moving further and further into a cashless society – and that the mobile order market is reported to be worth £27 billion – QikServe have seen considerable success to date, including with some of the world’s largest food and beverage organisations.
Being piloted in hotels, casinos, stadiums and other facilities, QikServe are proving how their products and services are suitable across several sectors using a variety of different outputs, and the immense potential within the industry.
GCV supported QikServe in their latest investment round that initially targeted £2.5 million in exchange for a 21.8% equity share in their business at a pre-money valuation of £10 million.
The growth investment capital will go on to be used to capitalise on their market opportunity and accelerate the roll-out of their solutions across the travel concessions sector.
The funding round which was launched on GCV’s online investor platform, exceeded it’s target and raised £2.6 million.
Investment consisted of institutional and professional investors, including Maven Venture Capital Trusts, who are following on their investment and increasing their shareholding from a previous round.
Moreover, the round also benefited from a VCT clearance, allowing a smooth transaction for the VCT and institutional investors.
How does QikServe make a positive difference?
Hospitality businesses need a quick and effective method for ordering and paying for food and beverages, when on the move. QikServe provides a fully integrated solution that removes complexity brought by integrating multiple back-end systems.
Whilst many of the leading hospitality businesses have adopted kiosks for the first step in their digital journey, they recognise that in order to future proof themselves and avoid duplication of effort they need a partner that can cater for all their channel requirements, including mobile and web, which will replace or co-exist with kiosks.
Primarily QikServe was designed to enhance the guest and customer experience, by shortening queue times, speeding up transactions and allowing customers to pay any way they choose.
By encouraging repeat visits and harnessing loyalty programmes, this has enabled hospitality outlets to understand their customers like never before.
The impact this has on the customers has not only boosted the experience but in turn seen an average transaction increase by 20% for the outlets now utilising QikServe.
The speeding up of transactions will also see more hospitality outlets able to reach a higher capacity, increasing revenue and the creation of further jobs in the hospitality market.
Daniel Rodgers, CEO at 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.”
QikServe works with a full range of brands from small independent operators to international household names that operate thousands of sites globally including Burger King, Greggs, and Merlin Entertainment group to name a few.