IW Capital announces latest investment in ‘Scan Pay Go’ pioneer Ubamarket

This latest tranche of capital brings total funding from IW Capital investors to circa £4.4m.

Ubamarket has developed a market leading SPG app, with its patented ‘Magic Shopping List’ technology which allows shoppers a frictionless shopping experience, using a mobile device.

The SPG app offers “an affordable, low-touch, easy-to-use app which gives retailers the ability to grow basket size, increase loyalty, reduce overheads, and analyse purchasing data.”

Since the pandemic, Ubamarket has seen consumer behaviour change dramatically which IW Capital also recognises.

While delivery and Click & Collect channels have experienced significant growth over the last two years, over 90% of food shopping remains within convenience, grocery, and roadside stores. Consumers now, more than ever, seek speed and convenience and minimal interaction in-store, alongside the ability to pay on mobile devices.

Ubamarket aims to improve convenience, speed and minimise in-store interactions and provide retailers with a solution that increases sales, reduces costs, and directs customers towards app-exclusive offers and deals with little or no in-store staff involvement.

Since IW Capital’s first investment, Ubamarket has successfully developed a high-tech, feature-rich app which is now ready to be rolled out at scale. The investment will allow Ubamarket to expand its app development team as new retailers are onboarded.

The funding will also enable Ubamarket to deliver personalisation for larger retail group rollouts. The SPG app is currently on course to go live in several retail stores, with current partnerships including SPAR, Budgens and Central Co-Op.

Luke Davis, chief executive of IW Capital, commented: “Ubamarket is disrupting the traditional shopping experience with their Scan Pay Go technology seen across the retail industry today. It has developed a compelling Scan Pay Go app with its patented technology and is now ready to roll out at scale.

“IW Capital is excited to be backing Ubamarket at a fundamental time as they scale up their technology offering and expand globally. Their technology improves businesses and customer experiences alike.”

Will Broome, founder and CEO of Ubamarket, said: “Our success has been built on revolutionising the hospitality and retail sectors, providing them with a solution that can increase sales and reduce costs. We would like to thank IW Capital for its support over the past 5 years. This latest investment from IW Capital marks a significant milestone in our journey as Ubamarket scales up and we develop our strategic partnerships and teams.”