Adelaide-based app developer Hub IT, has raised $1 million in investment funding to roll out NoQ, an iPhone-based ordering system, to food service and beverage retailers nationally.
NoQ enables customers to pre-order coffee or food and avoids queues at the counter upon reaching the store.
Customers pay in advance via credit card that uses a secure third party payment gateway. The retailer then issues an online receipt and confirms an order pick-up time.
The company has already raised its original $750,000 investment target and will raise an additional $250,000 before the product launch due to strong investor interest.
Investors in Hub IT include South Australia Economic Development Board chairman, Raymond Spencer, Baker Young Stockbrokers investors’, Alan Young, PKF partner John Sutton, Adelaide businessman Gavan Fox and Bank SA chairman, John Heard.
Investor and Hub IT chairman, Raymond Spencer, said it is a business model that is a win/win for both retailers and consumers by connecting them through smartphones.
“It has wide appeal across multiple industries beyond the initial food and beverage sectors,” he said.
Hub IT CEO, Nigel Standish, said the company has commenced local retailer engagement.
“Business owners recognise NoQ lets them better serve the iPhone generation without the high cost of developing a dedicated iPhone app,” Standish said.
NoQ is currently undergoing final trials and will be available in Australia later this year.