Ubamarket secures £800k from IW Capital to expand its retail technology platform.
IW Capital has provided an additional £800k to support the retail technology developer as it scales its operations.
Ubamarket has developed a scan pay go mobile application for the retail sector featuring patented shopping list technology. The platform enables frictionless in-store purchases and helps merchants increase basket sizes.
Ubamarket has secured £800k in new funding from private equity firm IW Capital. The capital will support the business as it rolls out its scan pay go technology at scale and expands its software development team. This latest tranche takes total backing from the investor to approximately £4.4m.
The company provides a mobile application that allows customers to scan items, pay on their devices, and access personalised offers in-store. Partnerships are already in place with brands including SPAR, Budgens, and Central Co-Op as the platform prepares for broader deployment across the retail sector.
From the founder
"Our success has been built on revolutionising the hospitality and retail sectors, providing them with a solution that can increase sales and reduce costs. We would like to thank IW Capital for its support over the past 5 years. This latest investment from IW Capital marks a significant milestone in our journey as Ubamarket scales up and we develop our strategic partnerships and teams."
Will Broome
founder and CEO at Ubamarket
Investor perspective
"Ubamarket is disrupting the traditional shopping experience with their Scan Pay Go technology seen across the retail industry today. It has developed a compelling Scan Pay Go app with its patented technology and is now ready to roll out at scale. IW Capital is excited to be backing Ubamarket at a fundamental time as they scale up their technology offering and expand globally. Their technology improves businesses and customer experiences alike."
Luke Davis
CEO, IW Capital
Use of funds
- 01Grow the team
- 02Continue product development
- 03Expand into international markets
