FETCH, a UK-based mobile food and drink ordering and payment app, has raised nearly £275,000 through its equity crowdfunding campaign on Seedrs. The funding round was launched earlier this month, originally seeking £150,000. It has attracted more than 400 Seedrs investors.
Founded earlier this year, FETCH describes itself as an app where users may order and pay for food and drink in bars and restaurants and either collect safely or have it delivered to their table.
“FETCH is an intuitive app that allows customers to order and pay from their phone. They can view a menu, order food and drink and pay, all in a matter of seconds, all completed securely with no need for contact, from the only device they trust – their own.”
FETCH also noted that its “intelligent” ordering system sends orders to venue staff’s own devices according to who has the fewest orders waiting. The company claims unlike some competitors, there are zero setup fees and a low barrier to adoption.
“FETCH charges a transaction fee for every food and drinks order placed through the app. Typically this is 5%. Out of this 5% we pay card processing fees of 0.25% for debit cards, 0.55% for credit cards and 1.9% for Amex. 58% of under 45s would order more in a fast food or casual dining restaurant if it was easy to order on mobile, and 64% of under 45s say that most bars, cafés and restaurants aren’t making the most of technology. While most competitors provide a huge barrier by charging upfront, our pay-per-transaction model means we believe we are well-placed to dominate this £98billion market.”
Funds from the Seedrs round will be used for platform development, as well as an expansion of the FETCH team. The company is offering 3.50% in equity at a £3.5 million pre-money valuation.
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