barMate, the innovative new product designed to generate increased revenues in bars, clubs and pubs, secured Deborah Meaden's and Theo Paphetis' backing in the latest episode of Dragons' Den.

The company was started by Nick Cross, Richard Hadden and Sebastian Stoddart, MBA graduate of 2007/8.

barMate is designed to increase the amount of lager, cider, stout or draft bitter that can be sold at peak times by releasing bar-staff to serve other drinks or to take payment. barMate saves significant amounts of time when serving customers, reducing wait times and improving the customer experience as well as increasing the volume of drinks sold.

Deborah and Theo offered £50,000 between them for a 30% stake in the business. Both of them emphasised that despite of the product still being a prototype and unproven, barMate was a "punt".

Sebastian said, "It's great news that we received backing from two of the Dragons. We are an early stage venture so perhaps a little risky for some of them, but we have good IP in place and a good track record of bringing products to market which we think helped. We have since met with them both and have defined our next steps and should hopefully have barMate in bars in time for the busy Olympic period." 

Learn more about barMate: http://www.barmate.info/