Ubamarket gets IW Capital backing and sets sights on hospitality sector

Private equity firm IW Capital has completed a £800,000 investment in the latest round of a £2.9 million raise for scan, pay and go venture, Ubamarket.

The top-up will be used to accelerate the company’s expansion into new industries such as hospitality, where it will be pushing its NOMM (New Order Magic Menu) app.

This offers contactless payment, interactive menus, facial recognition, takeaways and deliveries.

Venues also get an API cloud-based software that is linked to the PoS system, meaning that any changes made to menus in restaurants are updated to the app in real-time.

The pandemic has made many of us realise how the future of retail is rapidly changing. For both customers and staff to stay safe in stores, retail technology may just be the best solution. Find out how Ubamarket is revolutionising retail technology here: https://t.co/8EMUmH0gr8
— Ubamarket (@Ubamarket) February 11, 2021

Luke Davis CEO at 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 providing exactly what customers are crying out for within the retail and hospitality experience, their service provision is catering to a huge captive market.”

Will Broome, CEO at Ubamarket, says: “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."