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Feastr

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A family of cloud kitchens, delivering restaurant-quality food straight to your door.

112%
 - 
Funded 23 Nov 2020
£250,002 target
£282,502 from 365 investors
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Business overview

Location London, United Kingdom
Social media
Website feastr.co
Sectors Food & Beverage Digital B2C
Company number 11951302
Incorporation date 17 Apr 2019
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Investment summary

Type Equity
Valuation (pre-money) £4M
Equity offered 6.56%
Tax relief

EIS

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Business highlights

  • Over £550k sales since launch in Nov 2019
  • Outstanding customer ratings - average 4.6/5*
  • Food delivery sector growing +13.4% YoY
  • Scalable model - Capex estimated at £10k per site
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Key features

  • Secondary Market
  • Nominee investment min. £10.26 +

Idea

Introduction

Feastr is one of the first UK multi-brand cloud kitchen businesses, delivering restaurant quality food to your door in 30 minutes, or less.

Operating from cloud kitchens within densely populated areas allows us to exploit the booming food delivery market without the huge overheads associated with bricks and mortar restaurants - cheaper rents, rates, and no front of house.

With the founding team immersed in the London food scene, Feastr places a huge emphasis on the quality of food. Since day one, we've had outstanding customer feedback and reviews, with average ratings across all restaurants being 4.6/5* - topping a host of household names including Wagamama, Five Guys, and Shakeshack.

In the next 5 years, Feastr aims to scale to 6 brands across 30+ locations, building high-tech, open plan kitchens along the way.

Substantial accomplishments to date

August 2019 - December 2019

• Raised £150k SEIS round

• Shoreditch site opens, launching our first restaurant brand - SoBe Burger

• £20k sales in our first month of trading

January 2020 - April 2020

• Launched our second restaurant brand - Chick'N'Bun

• Monthly sales more than double to £52k*

May 2020 - July 2020

• Second site in Waterloo opens, operating both SoBe Burger and Chick'N'Bun

• Waterloo site generates £34k sales in first month of trading

• Launched our third (and all-vegan) restaurant brand - Mutha

August 2020 - Present

• Generating weekly revenues of £20k+

• Chick'N'Bun rated 4.7/5* on Deliveroo

• SoBe Burger and Mutha rated 4.6/5* on Deliveroo

• Bond signed for our third kitchen in Camden (launching Q4 2020)

• Fourth and fifth site identified in Battersea and Hammersmith

* based on unaudited management accounts

Monetisation strategy

Feastr operates its restaurants on aggregators such as Deliveroo, Uber Eats, and Just Eat, capitalising on their huge ready customer base. This enables us to hit the ground running from day one of launch, very quickly reaching our target audience within the delivery radius of each kitchen.

Use of proceeds

The foundations are all in place. In the past 12 months, Feastr has not only successfully opened two sites, it has done so at a fraction of the cost of a traditional bricks and mortar restaurant, and to huge success. We've created online brands that are loved by thousands, established a flawless supply chain, installed key operational processes within our kitchens, and built a great team to support it all.

Now we're coming to you - our loyal customers and fellow foodies - to take Feastr to the next level.

With your investment, we will open three new locations which have already been identified - Camden, Battersea, and Hammersmith. We also intend to be aggressive on our digital marketing push with some very exciting and innovative campaigns planned for 2021. This will help support the growth of the business and prepare Feastr for its next round of fundraising, with early conversations already taking place with several VCs.

This is your opportunity to join us on our journey as we continue to disrupt the £38B UK restaurant industry.

Key information

Outstanding debt

Please note, the company has an outstanding Bounce Back loan of £41,000. This loan is interest-free until May 2021, at which point the interest will be 2.5% per annum. The company has an overdraft facility of £25,000 from Barclays Bank. None of the funds raised will be used to repay these loans.

Lead investment

Please note, £50,000 of the raised funds reflected in the campaign was received by the company in August 2020, and £10,000 in September 2020 from Fresco Global Limited (related to one of the Co-Founders). Both investments are a part of the same round and are on the same terms.

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If you successfully purchase a share lot of this business, you will be granted access.

Buy shares

Only shareholders can access this page

If you successfully purchase a share lot of this business, you will be granted access.

Buy shares

Only shareholders can access this page

If you successfully purchase a share lot of this business, you will be granted access.

Buy shares

Only shareholders can access this page

If you successfully purchase a share lot of this business, you will be granted access.

Buy shares

Investing involves risks, including loss of capital, illiquidity, lack of dividends and dilution, and should be done only as part of a diversified portfolio. Please read the Risk Warnings before investing. Investments should only be made by investors who understand these risks. Tax treatment depends on individual circumstances and is subject to change in future.

This campaign for Feastr has been approved by Seedrs Limited (trading as Republic Europe) ("Republic Europe", "us" or "we"), as of 8 October 2020 as a financial promotion. Republic Europe is authorised and regulated by the Financial Conduct Authority with firm reference number 550317. In approving this campaign, Republic Europe has concluded that the information, taken as a whole, is "fair, clear and not misleading." This means that for factual statements we have reviewed evidence of their accuracy, and that for aspirational statements we believe they are phrased appropriately in light of their speculative nature. You should note that in the case of factual statements, the evidence we review is provided by the business, and we do not audit it, which means that we may not be able to identify forged or altered evidence. You should further note that in the case of aspirational statements, the nature of the type of businesses presented on the Republic Europe platform is such that they are likely to have high ambitions, and we may approve statements that convey those ambitions even where we do not believe, or we do not have a view on whether it is likely, that they will be fully realised. The pre-money valuation and investment sought in the campaign are those set by the business: they are not reviewed or established by us, and the valuation is not an independent view of what the business is worth. Given the nature and type of businesses presented on the Republic Europe platform, it is possible that the business has very little cash remaining prior to receiving this investment, and the investment sought may be necessary for the business's on-going existence.

Republic Europe does not make investment recommendations to you. No communications from Republic Europe, through this website or any other medium, should be construed as an investment recommendation. Further, nothing on this website shall be considered an offer to sell, or a solicitation of an offer to buy, any security to any person in any jurisdiction to whom or in which such offer, solicitation or sale is unlawful. Republic Europe does not provide legal, financial or tax advice of any kind. If you have any questions with respect to legal, financial or tax matters relevant to your interactions with Republic Europe, you should consult a professional adviser.

Tax Relief (SEIS)

This business is eligible for SEIS relief - providing qualifying investors with income tax relief of 50% of their investment and certain other tax reliefs. Tax treatment depends on individual circumstances and is subject to change in future. Click to learn more.

Tax Relief (EIS)

This business is eligible for EIS relief - providing qualifying investors with income tax relief of 30% of their investment and certain other tax reliefs. Tax treatment depends on individual circumstances and is subject to change in future. Click to learn more.

Valuation (pre-money)

Valuation rounded from £4,001,742

This is the fully-diluted pre-money valuation of the business (i.e. before the new investment comes in and including issued options and other equity interests). In contrast, the post-money valuation is based on inclusion of the new investment in the value.

It is calculated as the pre-money valuation plus the amount of new investment. e.g. If Company A is ascribed a pre-money valuation of £1,200,000 by prospective investors investing £300,000, its post-money valuation is £1,500,000.

The investee business is responsible for setting its own valuation, it has not been prescribed by Seedrs.

Pitch type

Investing in a regular equity campaign is the simplest and most common way to invest in a startup. You decide which business you want to invest in, and if the campaign hits its funding target then you will become one of their shareholders. As the company becomes more valuable, so do your shares; allowing you the opportunity to share in the future success of the business.

Learn more about pitch type on Seedrs

Equity Offered

The equity offered is the percentage of the company’s shares being issued in return for the amount of investment raised.

When the amount raised is less than 100%, the equity offered is based on the target raise. Once the company has raised over 100% it is based on the total raised.

In some scenarios, entrepreneurs may accept additional direct investment after closing their Seedrs campaign. Provided this is within 6 months of the closing and on the same terms, we do not typically offer pre-emption rights on that extra investment (where you have the opportunity to invest again to maintain your percentage shareholding).

Learn more about investing and pre-emption rights.

Nominee investment

This shows if you are able to choose, when making an investment, that you be represented by, and your shareholding be managed by, the Nominee investment.

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Custodian

If you invest in this Campaign, Seedrs will act as Custodian rather than provide our standard nominee service. This is due to the fact that the business is not directly involved in the share sale and Seedrs will not benefit from any rights under a shareholder agreement. As a result, Seedrs will handle administrative tasks as we do normally, but you will not have information or voting rights, updates from the business, preemption on future fundraising, or ongoing support about business trading activity.

Learn more about Custodian here

Secondary market

This shows if the business has opted-in or opted-out of allowing its shares to be bought and sold on the secondary market.

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Direct investment

This is an option to invest and hold shares 'directly' in the company (rather than via the Nominee investment). This option is only available to those investing over the threshold amount, which is determined by the fundraising company.

If you choose to hold your shares directly, you will be responsible for any contractual or administrative arrangements with the company you are investing in.

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Payment options

We are not able to accept card payments for investments into this sector. You can pay for your investment by creating a bank transfer, using funds in your investment account or create a Pay by Bank payment. Your investment will only be completed once the funds have reached our account.

Business Involvement

This Campaign offers shares for sale in business that is not directly involved in this Campaign or the sale. As a result, the Campaign and post-investment experience, including investor rights, will differ from a business-led campaign on Seedrs. Most notably, the business will not engage with investors in the discussion forums both during and after the sale or provide any updates to investors.

Learn more here

Payment options

We are not able to accept Pay by Bank payments for investments into this sector. You can pay for your investment with a card payment, by creating a bank transfer or by using funds in your investment account. Your investment will only be completed once the funds have reached our account.

Drawdowns

This campaign offers the ability to pay for an investment by drawdowns.

Security Token

A security token is a digital asset that represents ownership or other rights. It is a digital form of traditional investments. In the future, you may be able to trade your investment through compatible exchanges.

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None of the information in constitutes part of the campaign and it has not been approved or reviewed by Seedrs.

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