South African Eating-Out App Raises $175K In Funding From Silicon Valley
Feastfox, an eating out App from Cape Town, South Africa, has revealed that it has successfully closed its Angel fundraising round, raising $175,000 (R2.3 million) primarily from Silicon Valley-based Angels and VC firms.
The mobile startup, which originates out of Stanford University, has a presence in Silicon Valley, Cape Town and Budapest. Feastfox approaches dining experiences from a new perspective, focusing on spontaneous eating out with its “book now, eat now” concept.
The venture’s co-founder, Cape Town local, Stuart Murless explains “by raising Angel funding from exceptional, California-based venture capital firms and Angel investors, we proved that it is possible to get early-stage, Silicon Valley financing for a mobile startup in South Africa.”
From IT Africa.
The venture aims to prove that South Africa is a perfect first market for new mobile companies that want to validate their idea before starting a global expansion. Feastfox will try and achieve this by following a philosophy that they call “South Africa first” where startups try and prove a new mobile concept in Cape Town first. Stuart elaborated on this goal stating that, “Cape Town is very similar to some of the most developed cities. By entering South Africa first, we aim to prove to other international startups that Cape Town is an ideal first market for mobile companies with global aspirations.”
The funding comes from angels and venture firms including Co-Creation Capital (an early-stage Silicon Valley VC fund founded by serial entrepreneurs); Dorm Room Fund (backed by the top-tier VC, First Round Capital) and prominent angel investors such as Larry Kubal (founder and managing partner of Labrador Ventures, a seed stage-focused Silicon Valley venture fund with more than $200 million under management).
“We are excited about this successful fundraising as this will further facilitate our growth in Cape Town. These funds will be used for business development and marketing, adding more high-quality merchants while attracting thousands of foodies to the platform.” concluded Stuart.
Read more at IT Africa.