Appetise, a UK-based online takeaway restaurant marketplace, is now seeking £500,000 through its newly launched equity crowdfunding campaign on Crowdcube. Founded in 2008, Appetise is described as a UK-focused online and mobile application takeaway and delivery restaurant marketplace. Takeaways and delivery restaurants contract Appetise to join its platform and have their menus accessible to consumers.
“Consumers access Appetise’s website and apps, which allow consumers to view takeaway and delivery restaurants serving their locations and then provide an ordering and payment platform to enable consumers to choose their food and pay online. Appetise processes the orders and payments on behalf of the restaurants and charges them commission. The restaurants take responsibility for preparing and delivering the food. Appetise has no involvement in the logistics of food preparation or delivery and is purely an online intermediary.”
The platform also explained that unlike its competitor, JustEats, it does not charge customers with fees and can make savings with the platform’s loyalty scheme. Its commission for restaurants is 10% with no joining fees. The platform’s only fixed cost on each order is card processing fees and it has no involvement in cooking or delivery. In regards to the platform’s recent progress, Appetise team reported:
“From 2016, we focused on improving the platform and concentrating our restaurant base in Birmingham. As a result, revenues have been modest but we believe this work has put us in a strong position for an aggressive marketing push to expand rapidly to other key regions and grow revenues with our ultimate target being an exit via IPO.”
All funds from the Crowdcube round will go towards the growth and development of Appetise’s platform. Since its launch, the campaign has raised more than £100,000 from nearly 20 investors. It is set to close at the end of February.
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