Spoonfed co-founders (l-r) Murray McNicol and Willie Biggart
A catering software start-up has secured £250,000 of government-backed investment thanks to a syndicate of business angels.
Spoonfed – a cloud-based system that moves the ordering, production planning and invoicing of catering businesses online – received the money from Equity Gap and the investment arm of government body Scottish Enterprise. It has claimed that, by using its software, caterers can save time, reduce mistakes, improve efficiency and enhance the profitability of their businesses.
The cash injection will help Spoonfed develop its presence in international markets, having already secured the custom of bakery chains, sandwich retailers and outside caterers across the UK. Its founders have spent two years developing and resolving early problems, so that they could present it to potential investors.
Spoonfed co-founder Willie Biggart said: “Our strategy was to make sure our business had traction before we took it to angel groups like Equity Gap. Having bootstrapped the company with personal investment of nearly £500,000 from founders and sweat equity from suppliers, we were able to present a well-oiled and properly financed enterprise to investors, free from problems, and with a customer pipeline firmly in place.”
Equity Gap’s Jock Millican added: “It was refreshing to see a different approach being taken by a company seeking investment. It was clear the founders of Spoonfed were presenting a business that had already ironed out a lot of teething problems, that was confident, and in good shape financially.”
© FoodBev Media Ltd 2017