Digital payments firm eyes international expansion after £3m funding boost
Praetura Ventures, the Manchester-based venture capital investor, has injected £3m into digital payments firm, wi-Q.
The Manchester company will use the funding to enhance its product offering and expand its international footprint.
Founded in 2014, wi-Q provides mobile ordering and payment solutions to the hospitality and leisure industry to help its clients to drive efficiencies and improve guest experience.
Its services include Dash, a platform that allows hospitality venues to manage online food and beverage orders in real-time, and Enterprise, a platform that allows customers to order and pay for food and drink via their smartphone.
The firm also helps restaurants and hotels to speed up order management, preparation and delivery, and provides remote ordering technology to allow customers to order via kiosks in store.
Demand for wi-Q’s services has surged following an increased focus on digitalisation in the hospitality sector, something which has been accelerated by the impact of the COVID-19 pandemic on consumer habits. The global mobile device ordering market is set to grow to £159bn by 2025.
The wi-Q team supports a broad range of customers across 32 countries, including some of the world’s largest hotel chains, fast casual dining and home delivery brands.
With headquarters in Manchester, and offices in London and the Middle East, wi-Q will now focus its efforts on expansion into the US and the Asia Pacific region.
Patience Tucker, CEO at wi-Q, said: “I am excited for what will be the most transformational phase for both wi-Q and hospitality technology.
“The global pandemic has accelerated both the demand for, and adoption of mobile ordering, and hospitality brands will want to have much more than ordering functionality to give them a competitive advantage.
“With this investment, we are looking ahead to the next chapter that will see convergence of technology to generate revenue and digital engagement. The most innovative hospitality brands are already working with us to bring big data and AI into their wi-Q solution to maximise guest experience and revenue opportunities.”
David Foreman, managing director of Praetura Ventures, said: “Wi-Q is an early pioneer in its field, and the team has spent time honing their product market fit which has given them a real edge over the competition. The business has a clear proposition for the leisure and hospitality sector, and it is ready to scale globally and lead this market.
“We cannot wait to work with Patience and the team, and our experts at Praetura will do everything we can to support them as they grow. Our operational partners have helped to scale businesses across the world, so several will be supporting the wi-Q team with their global plans as they expand their technology into new territories.”
The deal was led by Sim Singh-Landa, Tania Rahman and Guy Weaver from Praetura Ventures’ investment team.
Praetura Ventures was advised by Hill Dickinson and Beyond MA.