Feastfox, Cape Town’s spontaneous eating out app, announced that it has successfully closed its angel fundraising round, raising $175,000 (R2.3 million) primarily from Silicon Valley-based angels and VC firms.
A mobile startup out of Stanford University, with 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”.
Feastfox is following a philosophy that they call “South Africa first”. By proving a new mobile concept in Cape Town first, the venture aims to showcase that South Africa is a perfect first market for new mobile companies that want to validate their idea before starting a global expansion. Stuart elaborates: “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.