IW Capital announces follow on investment in scan, pay and go specialist Ubamarket
IW Capital has announced a further investment of £1.25 million into its portfolio company, Ubamarket, a UK-based firm whose scan, pay and go app enables a frictionless shopping experience, with people using a mobile device with little or no in-store staff involvement.
Ubamarket is live in a number of UK stores and enables retailers to save money on staffing and hardware, while giving them the opportunity to engage and understand their customers better with the data insights collected through the app.
Following technical integrations, store group launches and ongoing retail roll-outs, particularly with Central Co-op, shoppers can use Ubamarket’s patented Magic Shopping Listtechnology to write (and share) lists, be guided around stores, receive personalised app only offers as they go, collect loyalty points, verify their age, tap to checkout and receive a digital receipt all on their own device.
In one example, customers who shopped with Ubamarket partner, Central Co-op, saw an average saving of 25% on their shopping, while other partner retailers reported, on average, a 32% increase in basket sizes, and improved customer loyalty.
Ubamarket will use the follow-on investment from IW Capital to fund its growth in the UK by continuing its technical integrations, store group launches and on-going retail roll-outs.
A spokesperson for IW Capital said: “We are pleased to continue backing Ubamarket as it focuses on new areas of strategic growth.”
“As engaged investors, our partnerships with our portfolio companies are of the utmost importance to us and we take pride in supporting the businesses that we invest in. With this follow-on investment, Ubamarket is well positioned to move forward with its business ambitions.”
A spokesperson for Ubamarket said: “We are thrilled that, once again, investors have backed the mission and vision of Ubamarket as we work towards developing the businesses at what is a significant moment for the company.”
“We would like to thank IW Capital for their support and partnership throughout this process, and for their continued trust in Ubamarket.”
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