Health-focused vending machine business Mother is eyeing national expansion after securing a £3m investment by Montreux Capital Management in exchange for a “substantial” stake.
The London-based company, whose clients include the likes of Apple, Amazon and Asos, will use the cash to develop more machines as it seeks to roll out on a national scale within the education, healthcare and transport sectors.
Founded in 2014, Mother vending machines offer a range of healthy snacks. Users can access via touch-screen images of available products, with nutritional information and dietary filtering. The machines accept card or mobile payments and provide digital receipts.
The cash injection will also contribute to new hires and investment in technology, including additions to the machines’ customisable advertising platform.
“Getting a significant amount of investment means that we can really push on and develop our technology,” founder Phil Davison told The Grocer. “We have got a huge roadmap of things we want to do.”
Development of its white label offering, allowing clients their own branded machines, was also being targeted as Mother shifted its focus towards becoming a “tech company first” selling its software to third parties.
Currently, Mother machines are available in more than 70 London locations. It expects to reach 100 by September, including expansion outside of the capital, with plans to roll out 200 new machines each year for the next three years.
Mother is also looking at launching across Europe, with countries like France, Spain, Germany and the Benelux region representing “good potential targets”.
Montreux CEO Oliver Harris said: “We look for alternative investments in disruptive companies with the Mother concept having the potential to revolutionise the vending machine business, from a retail, technological and nutritional perspective.
“We saw great potential in the team at Mother from an early stage and the significant strides they have made in building the business to date have exceeded our expectations. Having laid solid foundations, we look forward to continuing our partnership with the Mother team and realising the potential of the business.”