A British technology start-up which enables retailers to transform more of their physical space into points of sale has secured £1.5m to fund its expansion.

Sky News understands that Sticky, which counts the burger chain Byron among its clients, has attracted backing from new investors Praetura Ventures and Cornerstone VC.

Sticky uses its own operating system with NFC, or near-field communication, technology to enable companies in sectors such as retail, hospitality and health and fitness to process payment transactions in less than 10 seconds.

The company provides branded stickers to its customers, which have so far generated more than 1m consumer interactions, according to the company.

One industry source described Sticky’s technology as “revolutionary”.

Its emergence comes as retailers grapple with large volumes of unprofitable space, particularly in the aftermath of the pandemic.

One estimate suggests there is 150m square feet of unused retail space in the UK.

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Scores of major retailers and casual dining chains – including Byron – have been forced into insolvency or complex financial restructurings which have triggered thousands of store closures and job losses.

Research cited by Sticky found that over 40% of consumers were willing to pay more for products they could buy quickly and conveniently, a statistic it hopes will encourage rapid take-up of its product.

Based in Manchester, the company was founded by Priscilla Israel and James Garner, two entrepreneurs, in 2020.

“We help our customers see their physical space as an asset and as a way to make more money,” Ms Israel said.

“The future of physical spaces is well debated but at Sticky there is no debate about their future or value – they are where we all live and work.”

Sticky’s funding round also includes follow-on funding from SFC Capital, an existing investor.

David Foreman, managing partner at Praetura Ventures, which led the funding round, said: “Sticky has taken a visionary approach to the problem of unused retail space and online engagement in offline environments, and that is what attracted us to invest in the business.”

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