County Durham tech firm to invest in new hospitality business

A tech business allowing diners to order and pay for food and drink via self-service options is using a unique co-investment model to fund the next stage of its growth.

Investors can now join professionals, institutions and funds to buy shares in multi-channel order and payment specialist, QikServe, a software-as-a-service (SAAS) business aiming to become a ‘global leader’ in digital self-service solutions for the hospitality market.

Currently raising new funding from both existing and new institutional investors, QikServe is also being listed on the GrowthFunders online equity co-investment platform, with the possibility of up to £500k available to new investors.

Founded in 2011 by entrepreneurs Daniel Rogers and Ronnie Forbes, QikServe has benefited from support of its existing investors to finance its development and recent successful pilot schemes have led to contracts being secured with a number of global hospitality businesses.

In late 2016, the business raised £2.7m, including a £2m investment from Maven Capital Partners.

Maven’s investment director, Dr David Milroy, said: “Maven has supported and worked with QikServe since 2016.

“During this time the company has successfully tackled a number of technical, logistical and commercial challenges and in doing so has positioned itself as a leading digital self-service solution for the global hospitality sector.

“This is an attractive market undergoing significant change with the key operators facing real challenges that QikServe is uniquely placed to address.

“QikServe’s fully approved integration into the market’s leading point-of-sale system further differentiates the business and has helped it secure contracts with dominant players in the market.”

Investment in QikServe is EIS eligible, therefore 30 per cent of the cost of the shares can be set against income tax liability for the tax year of investment, or, by using a ‘carry back’ facility, all or part of the cost of shares can be set against the tax bill of the year before.

This relief can be claimed on a maximum of £1m investment, giving a possible tax reduction in any one year of up to £300k, depending on the amount invested and individual circumstances.