A Manchester-headquartered digital payments start-up that works with hotels giant IHG and Grosvenor Casinos has secured a £3m investment.
wi-Q, which also has offices in London and the Middle East, has receiving the backing of investor Praetura Ventures to ‘enhance its product offering and expand its international footprint’.
Founded in 2014, wi-Q provides mobile ordering and payment services to the hospitality and leisure industry ‘to help its clients to drive efficiencies and improve guest experience’.
The company is now set to focus its efforts on expansion into the US and the Asia-Pacific region.
Chief executive Patience Tucker 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.”
Since 2019, Praetura Ventures has backed around 30 companies, including North West-headquartered businesses such as Culture Shift, XR Games and Peak.
David Foreman, managing director of Praetura Ventures, added: “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.
