Foodcoin, the Waylet of the hospitality industry, has launched its third investment round, aiming to raise €1 million. This round is crucial for Foodcoin’s ambitious plans to become a major player in the Spanish hospitality industry over the next 24 months. The company's goal is to register more restaurants and, by extension, their customers as future Foodcoin users.
Foodcoin CEO Ricardo Marín says the project is highly scalable globally. He highlighted the value of previous investment rounds, particularly Pascual Innoventures' involvement, and noted Foodcoin's readiness for post-launch growth with controlled costs and a strategy that could potentially lead to unicorn status.
The company's growth strategy is rooted in the high-risk nature of tech startups and involves offering a piece of a potentially large “pie”, encouraging stakeholders to share both the risks and benefits. I'm looking for it. Marin emphasizes the capital-intensive nature of technology startups, especially in their early stages, and the need for continued capital injections.
Foodcoin aims to help bars, restaurants and leisure venues with customer loyalty and acquisition. Its unique proposition includes a VISA card that can be used within the Foodcoin ecosystem and offers cashback on every visit. The system, inspired by gas stations and supermarkets, requires no restaurant integration and promises a 10-15% increase in sales.
Post-launch metrics show promising growth, with Foodcoin expected to reach 1,500 restaurants, 30,000 users, and over 3 million euros in transaction value via VISA cards by the end of 2024. The company has managed to establish strong connections within the industry and has over 50% knowledge. Representing executives from Spain's top 50 brands, we can help you secure important meetings and business opportunities.
Foodcoin’s vision extends to becoming a “hospitality bank.” Inspired by models such as Starbucks' rewards system and his TheFork's reach, Foodcoin sees potential in self-funding, restaurant funding and marketing campaigns through the platform.
In terms of expansion, Foodcoin recently expanded into Latin America, starting with an Ecuadorian hospitality family that owns more than 1,000 restaurants. The company sees this as an important opportunity and has already appointed CEOs for its Colombian and Ecuadorian operations, marking the beginning of its international expansion.