Westpac-backed venture fund Reinventure has allocated $1 million in seed funding to Melbourne-based hospitality app Doshii.
Doshii is a middleware (API) platform that connects apps and payments devices to Point of Sale (POS) terminals, helping merchants to reduce the clutter and complexity that comes with integrating to multiple service providers.
Doshii was founded by entrepreneur Sean O’Meara, CEO of Impos, one of Australia’s largest POS vendors in the hospitality sector.
"We could see that there was going to be a spike in Apps and payments wanting to connect to POS," he says. "Both apps, payments and POS all have the same issue, which is the time and cost to integrate and then the on-going cost to maintain each integration. This is expensive, complex and a big opportunity cost when a company’s IT team could be spending their time actually making their product better for customers. It’s a clear win for POS and apps to have one API platform for integration."
Doshii shares its revenue with POS vendors, including H&L, SwiftPOS and Starrtec, while providing support for apps such as Mobi2Go, Nestle, SureFire, Tanda, Collect Loyalty and most recently ANZ BladePay.
Reinventure's first $50 million fund was launched in 2014 and has since invested in ten Australian startups, SocietyOne, Coinbase, Nabo, Zetaris, PromisePay, Hey You, Auror, Data Republic, Flare and Valiant. In August, Westpac pumped a further $50 million into Reinventure to focus on disruptive technologies that have a direct bearing on Westpac's core business or can be nurtured through a closer relationship with the Australian bank.