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Stanford spinoff secures $175K for its table-reserving mobile app

A Stanford University start-up based in South Africa has closed an angel fundraising round of $175,000 to commercialize its dining-out mobile app.

Feastfox enables users to book tables at premium restaurants, bars and cafes in Cape Town within thirty minutes before arriving. The start-up secured its recent funds primarily from Silicon Valley-based angels and VCs including Co-Creation Capital, Dorm Room Fund, and Labrador Ventures founder Larry Kubal.

According to Feastfox co-founder Stuart Murless, the funding is in exchange for a Simple Agreement for a Future Equity (SAFE) agreement, which allows the investors to convert their funds into equity whenever the start-up does its first fundraising round.

The idea for Feastfox originated from Murless’ brother-in-law Daniel Petz from Stanford. Apparently, Petz’s network across the university was a major factor in securing the recent funds. “The Stanford name is a very strong name in the U.S.,” says Murless. “It’s almost like a code that for an ex-Stanford person you need to make the time to meet with [another Stanford member].”

The start-up will use the investment to acquire customers, cover marketing costs and trial the app in Cape Town before expanding to the U.S. and beyond. There are currently 70 restaurants, mostly in and around the center of Cape Town, that have signed up with Feastfox. Murless says that in the six weeks it has been available, the app have been downloaded roughly 2,000 times.

Source: Ventureburn

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