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Feast

Platform:
Crowdcube
Stage:
Expansion
Industry:
Food & Drink
Location:
UK - London
Date Rated:
27/07/17
Raise:
£150,000
Equity:
3.61%
Valuation (Pre Money):
£4,005,125
Industry: Food & Drink
Location: UK - London
Platform: Crowdcube
£150,000 Expansion
Valuation: £4,155,125
Date Rated: 25/07/17

MANAGEMENT

PRODUCT

INVESTMENT
Tax Status: EIS

Business Summary

Feast is a late night food delivery service sourcing a wide choice of food from all-night restaurants in central London. Feast has already served over 20k customers and has grown to over 40 drivers. This round of investment will be used to expand the service across London and to hire staff.

Financial Overview

 

 

 

There is insufficient information available to provide a financial overview

 

 

46%
SKILLS:
EXPERIENCE:
COMMITMENT:
The Founder has limited managerial skills but he will be supported by a complete team that covers all the key roles required to develop the service.
This is the Founder's first venture and there is limited industry knowledge within the team but two advisors with significant start-up experience are on board.
All the team seems to be full-time and they have dedicated significant time to the company in developing the platform and the hotel network.
61%
MARKET:
PRODUCT:
COMPETITION:
The UK takeaway food industry is worth over £6bn but the company's addressable market is still limited to central London and further reduced by the night-time service hours.
The company has over 40 restaurants providing over 2.5k deliveries a month to date and has signed over 80 hotels for its B2B site to help them outsource or improve their food service to their guests.
There are already strong players in the takeaway delivery service but Feast aims to compete in the late night delivery segment that seems underserved currently.
There is insufficient information available to fairly rate this aspect of the business


Conclusion

Feast has already shown evidence of commercial traction with 36% of repeat orders and low customer acquisition costs. The partnerships with hotels to outsource or boost their late night food offering is a promising addition to Feast's service and where exclusivity is obtained could give it a competitive advantage in the London B2B market. However the main players in the B2C take-away delivery service market could easily compete with Feast by adding the late night service to their offer if they demonstrate its value, although this has not been the case to date and some entrants may decide to buy rather than build, thereby offering investors an exit.

However, investors should note that further investment will be needed to expand to other cities so they should be prepared to follow-on if the business does take off.

Note: We have not received a business plan from Feast and therefore this rating is based on the information available within the Crowdcube pitch.

Related Links

Crowdcube Pitch

www.feasthq.com

 

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