The firm smashed their target in just ten days.
UK multi-brand cloud kitchen business Feastr announced it has secured £250,000 on equity crowdfunding platform Seedrs.
Having smashed their target in just 10 days, the business overfunded, welcoming over 300 investors on their journey “to revolutionise on-demand food delivery.”
With three delivery-only restaurant brands operating from sites in Shoreditch and Waterloo, Feastr has menus designed specifically for delivery, with sales growing week-on-week and annual revenue run-rate having surpassed £1 million. It only launched at the end of 2019.
“We’re ditching the overheads associated with bricks and mortar restaurants - the high street rents, rates and front of house staff, instead operating from cloud kitchens in non-prime real estate built purely for on-demand food delivery. It just makes total sense,” Feastr co-founder Alex Metcalf said.
Feastr said it will use the funds raised from this round to open three additional sites in London and finalise development of three new brands. In the next 5 years, they plan to grow to over 30 sites and expand outside of the capital, generating revenues in excess of £100 million.
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