A company that is planning to revolutionise the retail hospitality sector has agreed a deal that could be worth as much as £1.5m.
Escapism Media has raised interim funding of £100,000 through the Envestors Private Investor Network.
However, a further funding round aimed at bringing in a total of £1.5m will open next February.
Escapism produces software for touch screen tables and wall displays that can be installed in pubs and bars and used to order food and drink as well as messaging other customers and hosting advertising promotions.
The funding round will enable further rollout of this product and marks a key stage in Escapism’s development.
Ian Radley, the company’s chief executive officer, said: “The new funding allows the company to advance key elements of our business.
“These will include generating further revenue, building a stronger sales pipeline and nurturing the relationship with a significant channel partner to provide speed to market.”
Oliver Woolley, a partner at Envestors, says that initially the plan was to bring in the entire £1.5m in one go. However, it was felt that an interim round of £100,000 would help pave the way for the bigger deal later.
“Initially, we were looking to raise a total of £1.5m, 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 2008 to raise the full £1.5m.”
Escapism Media were advised on the deal by the corporate finance group MacArthur & Co.
Its backer, Envestors, is a network of over 300 private individuals that are each looking to invest at least £20,000 in unquoted businesses.
© Crimson Business Ltd. 2007
