Digital marketer takes away finance boost
06th June 2014
A DIGITAL marketing agency which provides online ordering services for takeaways and restaurants has been boosted with an investment from the Finance for Business North East Angel Fund.
Takeaways Online, which is based at the BIC Centre in Sunderland, has secured backing from the Finance for Business North East Angel Fund, managed by Rivers Capital Partners, who were advised on the investment by law firm Ward Hadaway.
Established by entrepreneur Kevin Jager in 2012, Takeaways Online offers takeaways and restaurants the ability to take in and process customer orders online for a flat monthly fee rather than having to pay a percentage of the proceeds of every sale.
The service has grown in popularity in the North East and across the country with more than 50 outlets already signed up.
Takeaways Online plans to increase that by 1,000 over the next 12 months with the help of the investment from the North East Angel Fund, after which time it will be handling an estimated 6,500+ orders every day for its clients.
Kevin Jager, Director of Takeaways Online, said: “The takeaway market in the UK is the largest in Europe with scope for even further expansion as more and more people make use of technology as part of their daily lives.
“The feedback which we get from our clients and from people we approach in the sector is that they recognize the potential which online ordering has to expand their business but they don’t want to see most of that additional profit go to the company supplying the technology. We estimate that using our system and our marketing help we can help to increase a client’s profits by up to 80%.
“This investment from the Finance for Business North East Angel Fund via Rivers Capital Partners will make a real difference to the pace which we can expand the business and reach more clients so it is fantastic to receive such backing.”
Nikita Bazko, Portfolio Manager at Rivers Capital Partners, which manages the Finance for Business North East Angel Fund, said: “Kevin and his team at Takeaways Online have spotted a real opportunity in the market and have developed technology which is already proving popular with clients.
“This investment will hopefully enable them to realize their ambitions to substantially grow their customer base and be a real challenger brand to existing systems.”
Imogen Holland, Corporate Partner at Ward Hadaway, led the firm’s team advising Rivers Capital Partners on the investment in Takeaways Online.
Imogen said: “We are delighted to have assisted Rivers Capital Partners on this investment in Takeaways Online.
“It is always a pleasure to work with our colleagues at Rivers on investments which help to build growing businesses in the North East.”
Ward Hadaway has previously advised Rivers Capital Partners on a wide range of investments, including over 20 investments from the Finance for Business North East Angel Fund last year alone.
The Finance for Business North East Angel Fund invests in start-ups and existing businesses with growth potential in the region.
It forms part of the £125m Finance for Business North East investment fund established to provide debt and equity funding to SMEs based in North East England.