Intelligent Point of Sale, the Edinburgh-based app developer, has secured a £550,000 investment which will enable the software firm to expand, franchise its business model internationally, and appoint executive staff.
24Haymarket, a group of investors who target entrepreneurial businesses, has invested £500,000 along with £50,000 of debt funding from East of Scotland Investment Fund. Quest Corporate advised on the investment deal.
The firm's app undercuts traditional £3000 till hardware with an iPad-based system priced at £700, and a low ongoing service fee. It competes with software developed by large US providers, and has won over customers such as Underbelly, the UK's biggest festival operator, and Second Cup the world's second fastest-expanding coffee franchise, among over 500 bars, hotels and retailers.
Founders Robin Knox and Paul Walton began building the system in 2013, took on their first employee 14 months ago, and already employ 16.
Mr Walton said: " In 2014 our user base increased by over 200per cent, and we're now on target for 750 unique retail and hospitality users."
Ian Gray, director at 24Haymarket said: "The firm's successful business model has the potential to expand internationally, change the way businesses configure their operations, and improve the experience of customers making payments."
He said the investment decision was helped by the firm's success "not only with small businesses but also with large commercial operators looking to stay ahead of the market".
Nominated for the Emerging Business of the Year award at this year's Scottish Business Awards, IPOS is now in the process of hiring a chief operating officer and a sales and marketing director.
Mr Knox said: "Since becoming the UKs first firm to supply iPad-based till software we're aware that there is significant competition in the growing EPOS sector. We've always chosen usability over design and feel that this is testament to our success so far."
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