Edinburgh-based ePOS Hybrid has raised almost £750,000 in a second seed funding round.

The firm was founded by serial entrepreneur Bhas Kalangi, who said: “We’ve attracted a lot of institutional investors who are looking to engage in negotiations, despite the round being closed.

“The money raised will help us pave the way for a period of aggressive growth across our customer base, our revenues and also across our product innovation.”

A total of 329 backers joined the latest round, bringing in £634,652 through the Crowdcube platform, with a further £100,000 coming from an angel investor.

Andrew Gibbon, the firm’s head of growth, said “We were able to innovate and thrive throughout the pandemic, despite the hospitality industry grinding to a halt.

“Outlets are still trying to recover from the effects of Covid, but now face skyrocketing operational costs and staff shortages – a huge challenge is the dependence on third-party delivery platforms, who charge up to 35% commission – for many that is unsustainable.

“We’ve made it easy and affordable for restaurants and takeaways to roll out the kind of online presence, digital ordering, tracking, and simple payment systems that are associated with the biggest players.

“We estimate our customers have saved at least £2.1m that would otherwise have been paid in third party commissions,” he added.