London-based mobile Order & Pay platform, Wi5 is designed to boost profitability by improving operational efficiencies and increasing frequency and average value of orders. Now, the company raised $6 million (nearly £4.36 million) in a pre-Series A led by West Hill Capital.
Eyes to accelerate product development
The investment will be used to accelerate the development of its data-driven product offering. Also, Wi5 will grow its UK market share and build on the early success in the US market. Besides this, the company intends to close the Series A this spring.
Already, Wi5 has gained traction in key cities such as Texas and Miami. When it comes to international expansion, the company will initially focus on the US and expects to grow its revenues to overtake those from the UK within 18 months. Wi5’s senior team has a track record of rapid growth and US expansion.
Prask Sutton, Wi5’s Founder & CEO said: “For too long, so many SMEs — representing 80% of the hospitality industry — have been excluded from the benefits of modern sales technology due to the unit economics and requisite technical expertise. We strongly believe there’s another way and our product offering and commercial model proves that. In a market worth $47bn, we’re providing an advanced sales platform and card processing solution at a cost below the most popular payment-only services.”
“I’m delighted West Hill followed on to lead this round. Their further financial backing represents a great vote of confidence in the acceleration of our business. This puts us in a fantastic position to capitalise on the wealth of data mobile Order & Pay is generating and further increase the profitability of our operators.”
Addresses existing gap
Founded in 2015 by Prask Sutton, Wi5 was at the forefront of delivering digital menus in restaurants, bars and cafés via web-apps. The company proved the industry demand for mobile ordering, and was quick to sign hundreds of hospitality venues including enterprise brands such as Pho, Boxpark and Urban Pubs & Bars.
Previously, barriers such as high costs and limited technical expertise limited top-quality hospitality technology only to global enterprise brands. Wi5 is addressing a gap in the market, placing advanced customer targeting and profitability optimisation within the reach of all operators.
The company boosts profitability and ensures 100% of sales, both on and off-premises and provides frictionless and intuitive experiences for customers and operators.