Friday 2nd November 2007
Interim funding for at-the-table ordering system
A company which has developed a touch screen ordering system for use in bars and restaurants has raised interim finance of £100,000 from private investor network Envestors. Escapism Media is anticipating a further funding round of £1.5 million in February.
Escapism Media’s flagship product enables customers to order food and drinks via a screen built into their table or wall-mounted nearby. Users can also engage with each other by sending messages or playing games.
The product also offers a channel for third-party advertisers to deliver promotions and offers.
Ian Radley, CEO of Escapism Media, says the funding will allow the company to strengthen its sales operations and build a relationship ‘with a significant channel partner’.
Oliver Woolley, partner at Envestors, comments: ‘Initially, we were looking to raise a total of £1.5 million, but having spoken to the team, it was decided to raise a smaller interim round of £100,000. This will put the company in a stronger position when going back to the market in February.’
Envestors operates a network of 300 private individuals looking to invest at least £20,000 in early-stage unquoted businesses under the Enterprise Investment Scheme (EIS).
Nick Britton
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