Catering software firm eyes slice of American pie after £575,000 investment
Catering management software company Spoonfed is planning an expansion in the US, following £575,000 of development funding from Equity Gap.
Aimed specifically at contract catering firms and restaurants supplying catering to businesses, universities, hospitals and many other institutions, Spoonfed’s SaaS (Software as a Service) platform creates real efficiencies for caterers and provides a straightforward ordering system for their customers.
Spoonfed, headquartered in the UK, currently employees 11 people and intends to increase this to 20 by the end of 2019. They will add software engineers at their new Glasgow HQ and further customer support staff in the US, where a Denver base will be established to complement that already in place on the east coast.
Willie Biggart, Spoonfed’s co-founder and managing director, said: “2018 was a great year for Spoonfed, with monthly revenues increasing by more than 140%. An increase of 300% in set up fees in the final quarter of 2018 indicates that this growth will accelerate in 2019. Our customers recognise Spoonfed as a great product – on average Spoonfed customers saw their revenue grow by 27% last year.”
The global market for B2B hospitality catering is estimated at £40bn. Spoonfed is already established in the UK, Canada, Ireland, Holland, Belgium, France and Australia. The company said the latest expansion will cement its foothold in the highly lucrative US market.
“Our major focus this year will be on the US market. 2018 was the first year that our US revenues matched and exceeded those in the UK,” said Biggart. “This new funding will help us make further roads into a market that’s eight times larger than the UK.”