FETCH

Idea

Please note that whilst the campaign is labelled as EIS eligible the Company has £150,000 remaining of its SEIS limit. Any tax relief is dependent on personal circumstances and may be subject to change in the future.

Introduction

Running a F&B venue, such as a pub, restaurant or cafe, against a backdrop of a global health scare and ever-changing rules is challenging. Venues are recommended to provide social distancing tech to ensure a safe, clean and friendly environment to staff and customers.

Delivered by a team with strong industry experience, including the founder of a hospitality platform valued at £20m & CIO who sold his tech company for $12m.

FETCH is an intuitive app that allows customers to order and pay from their phone. They can view a menu, order food & drink and pay, all in a matter of seconds, all completed securely with no need for contact, from the only device they trust - their own.

FETCH’s “intelligent” ordering system, sends orders to venue staff’s own devices according to who has the fewest orders waiting. Unlike some competitors, there are zero setup fees & low barrier to adoption.

POS8 are currently developing a LIDAR & beacon location tech to pin-point guests to an accuracy of 10cm.

Substantial accomplishments to date

20 Nov 2017 - POS8 incorporated.

January 2018 to August 2019 - Development of technology platform for mobile ordering and payment. Development of POS integration for Oracle Micros giving the company access to 340,000 users of Oracle Micros POS across restaurants, bars, pubs, clubs and arenas.

August 2019 - January 2020 - Deployed POS8 platform in Marmara hotel, as a beta site.

February 2020 - Pivoted business to add a guest-facing element in response to COVID-19.

February 2020 - Started development of innovative, highly accurate indoor location technology.

March 2020 - Developed POS interfaces for Lightspeed and Agilysys Infogenesis.

June 2020 - FETCH (by POS8) brand & website launched.

July 2020 - FETCH app for guests and FETCH Pro app for staff launching to coincide with government recommendations on using apps for ordering and payment.

July 2020 - Established Advisory Board, including 4 global hospitality industry C-level executives, in preparation for go to market launch.

Monetisation strategy

Once they’ve decided which venue they wish to eat at/order from, a consumer will select food and drinks through the app, at which stage we facilitate the payment.

FETCH charges a transaction fee for every food and drinks order placed through the app. Typically this is 5%. Out of this 5% we pay card processing fees of 0.25% for debit cards, 0.55% for credit cards and 1.9% for Amex.

58% of under 45s would order more in a fast food or casual dining restaurant if it was easy to order on mobile, and 64% of under 45s say that most bars, cafés and restaurants aren’t making the most of technology.

While most competitors provide a huge barrier by charging upfront, our pay-per-transaction model means we believe we are well-placed to dominate this £98billion market.

The more venues, the more orders, the more revenue. For context, if we can sign just 2,000 venues, this will provide a monthly revenue of approximately £1million.

Use of proceeds

10% - Completion of our location technology development.

20% - Investment in POS integrations.

20% - Operations.

50% - Sales and marketing to build customer and user base.