TECH TALK
Hospitality rapidly adapts to online tech Leading entrepreneurs find ˋan app for thatʹ with fresh capital.
12 OCTOBER 2020 - HOSPITALITY BUSINESS
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For big national operations with much simpler. We’ve thrown out the Mojo multiple outlets, like Mojo Coffee, ring binder full of scribbled orders uses Upstock and moved into the future” says Upstock has been transformational. to coordinate Mojo uses Upstock to coordinate Joe Slater orders between their Matt Watson, Founder of orders between their roastery, roastery, bakery and 35 bakery and 35 cafes in New Zealand Upstock, says the hospitality cafes in New Zealand and the US. Katy Ellis, General sector acutely understands the and the US and say importance of robust online Manager of Mojo, says they now ‘they now can’t live can’t live without it. systems as they’ve navigated without it’. Covid-19 in 2020. It’s also an “Upstock has made things run smoother and faster in issue he understands well as a our cafes and our HQ supplier through Foxton Fizz. “Any steps businesses can take operation. It’s given us to reduce costs are crucial when control and visibility they’re working so hard to keep over what stock is being ordered the doors open during these across our entire turbulent times. Every day new customers operation, and across New Zealand are we spend a tiny fraction of the signing up to Upstock and time we used to joining a long and growing managing orders. It’s list of major brands like Mojo Coffee, Six Barrel Soda Co., Best been a game-changer lin m Up for us,” says Ellis. Ugly Bagel, Chow, WBC, and a e sto st r ck's a Pomeroy’s Coffee. Any retailer can Streamlining pp helps to operations in today’s use the app to order from any of their existing supplier. climate is crucial for suppliers, Upstock is designed to be extremely both large and small. Joe Slater, the Co-Founder of Six Barrel Soda, was easy, accurate and fast to use – providing a smart ordering solution for one of Upstock’s early adopters. He says using the app has significantly the hospitality sector. It reduces errors to almost 0% and minimises waste simplified their business. - enabling hospitality businesses to “Upstock has helped us streamline both our customer on-boarding and cut costs while they focus on creating amazing products and experiences for ordering processes massively, as well as making our order entry and dispatch their customers. n e
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pstock, an online ordering app for hospitality businesses, has raised $3.5 million in its first capital raise to grow its New Zealand presence. The app is used by restaurants, bars, cafes, and industry suppliers. Started by Matt Watson of Foxton Fizz, and developed by Philip Fierlinger (CoFounder of Xero) and Duncan Ritchie (Former CPO of Xero), it claims to reduce ordering errors to almost zero percent; minimises waste, giving time back to hospitality businesses. Upstock embarked on its capital raise during the initial wave of Covid-19 and the Level 4 Lockdown in March/April 2020. Philip Fierlinger, says despite the uncertainty of Covid-19, the raise was vastly oversubscribed and eventually was capped at $3.5 million. “Immediately, there was interest in what we’ve created. In the hospitality sector margins are slim, so every dollar counts. We reduce errors to almost zero percent, saving money and reducing food waste – which is a huge problem in the sector. “Our investors immediately saw the power of Upstock as a marketplace platform – they could see it’s inevitable that software will replace pen and paper. That became even more obvious when Covid-19 hit and hospitality started rapidly adopting online tech,” says Fierlinger.