‘Netflix for the restaurant industry’ smashes £250k Seedrs target to launch London sites

A business hoping to become ‘the Netflix of the restaurant industry’ has exceeded its fundraising goal on equity platform Seedrs.

Cloud kitchen firm Feastr has raised almost £350k in its crowdfunding campaign, going almost £100k over its initial target.

Founded in 2017, Feastr aims to offer restaurant quality food on-demand, with three delivery-only restaurant brands already operating from sites in Shoreditch and Waterloo.

The firm plans to use the funds raised in this latest round to open a further three London sites and finalise development of three new brands, as well as plan for expansion outside of the capital over the next five years.

Feastr co-founder, Alex Metcalf, commented: “Think of it this way - we’re doing to the restaurant industry what ASOS did to the fashion industry. Or what Netflix did to TV and film.

“We’re ditching the overheads associated with bricks and mortar restaurants - the high street rents, rates and front of house staff, instead operating from cloud kitchens in non-prime real estate built purely for on-demand food delivery. It just makes total sense.”