Foodcoin Opens Third Investment Round to Scale and Grow •
Foodcoin, dubbed as the hospitality industry’s Waylet, has embarked on its third investment round, aiming to raise €1 million. This round is crucial for Foodcoin’s ambitious plan to become a major player in Spain’s hospitality sector over the next 24 months. The company’s goal is to onboard more restaurants and, consequently, their customers, as future Foodcoin users.
Ricardo Marín, CEO of Foodcoin, describes the project as highly scalable globally. He emphasizes the value of previous investment rounds, particularly the involvement of Pascual Innoventures, and mentions Foodcoin’s readiness for growth post-launch, with controlled costs and a strategy potentially leading to unicorn status.
The company’s growth strategy, rooted in the high-risk nature of technological startups, involves offering a slice of a potentially large “pie,” requiring stakeholders to share both risks and rewards. Marín highlights the capital-intensive nature of tech startups, especially in their early stages, and the need for ongoing capital injections.
Foodcoin aims to assist bars, restaurants, and leisure venues in customer loyalty and acquisition. Its unique proposition includes a VISA card offering cashback on each visit, usable within the Foodcoin ecosystem. This system, inspired by gas stations and supermarkets, doesn’t require restaurant integration and promises increased sales by 10-15%.
Post-launch metrics indicate promising growth, with Foodcoin expecting to surpass 1,500 restaurants, 30,000 users, and €3 million transacted through its VISA card by the end of 2024. The company has managed to establish strong connections within the industry, knowing over 50% of executives from Spain’s top 50 brands, which aids in securing crucial meetings and business opportunities.
Foodcoin’s vision extends to becoming the “Bank of Hospitality.” Inspired by models like Starbucks’ rewards system and TheFork’s reach, Foodcoin sees potential in self-financing or funding restaurants and marketing campaigns through its platform.
In terms of expansion, Foodcoin has recently ventured into LATAM, starting with an agreement with an Ecuadorian hospitality family owning over 1,000 restaurants. The company sees this as a significant opportunity and has already appointed a CEO for its operations in Colombia and Ecuador, marking the beginning of its international expansion.
