Austrian startup ready2order has raised €5 million in seed funding, led by Reimann Investors and Speedinvest, to develop its integrated POS technology for European businesses.
Designed for SMEs for in hospitality, small retail, and service industries, ready2order’s system actually covers operations beyond point-of-sale, from customer and inventory management to mobile payments and advanced analytics.
“Point of sale is the first financial touchpoint for restaurants, retailers and services. That data gives us an opening to provide all sorts of financial services, from analytics and tax management, to insurance and loans,” explained founder and CEO, Markus Bernhart.
“We are convinced that we will see the rise of platform solutions where business customers get everything they need to manage their companies in one place, and we are going to place ready2order at the forefront of this demand.”
The Vienna-based company has thousands of customers in Austria and Germany, where it might have a chance to get ahead of such demand.
Germany passed a law that requires all POS technology sold from January 2020 to support tamper-proof security features. Ready2order hopes to capitalise on a surge of technology upgrades from German businesses this year.
Noel Zeh, partner at Reimann Investors, said: “The software market for SMEs is fragmented to target many different niches. At Reimann Investors, we believe that there is an opportunity for an all-encompassing business software platform for SMEs, and a POS system like ready2order is the perfect entry point to this one-stop-shop solution.”