London based startup Cake launched an £ 800,000 Series A crowdfunding round on Crowdcube and they are off to a solid start having topped £300,000 in the first 24 hours. As of today, 21 investors have funded the round with the largest committing £100,000. The offer represents 7.06% equity stake in the company and is partnered with various perks for investors. Details on prior funding rounds were not provided.
Cake is a mobile payment App targeting restaurants and bars. The young company was created be two former financiers Michelle Songy and Charlotte Kohlmann,
“We saw a gap in the food and drink service market when we launched with faster and easier way for friends to share and then pay their restaurant or bar bills. When people can pay faster, they are happier. And restaurants can serve more customers and build a reputation for fast and efficient service.” said co-founder and CEO Kohlmann.
Cake is live in more than 20 restaurants and bars so far, including Comptoir Libanais and The Rum Kitchen in Soho. The service expects to expand to more than 100 sites by the end of the year. Mobile payments is hot space with the advent of Apple Pay and competing services. Cake hopes to differentiate its service by providing additional features for both the user and the restaurants. Users may easily share & split restaurant bills – even allocate specific drinks and food. Cake is also said to “enable restaurants to improve their service and know more about their customers”.
Luke Lang, co-founder of Crowdcube commented on the fact that Cake was using his platform for a later stage funding round;
“More businesses are coming onto Crowdcube for their second or third funding rounds, which represents a real shift in the size of business funding on our site. Investors now have a choice of innovative start-ups and more established, growing businesses run by seasoned entrepreneurs. Three quarters of our funded businesses are growth or early-stage.”
Crowdcube has helped to raise over £80 million in finance for more than 240 businesses since 2011.
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