- Fellow Funders opened a €240,000 round for the technological Foodcoin. After two hours, 100% of the target was reached.
- Foodcoin is the first token designed for the hospitality secto.
Press release
Madrid, 9th February 2022 – Fellow Funders, an alternative financing platform, managed to raise 100% of the investment in the funding round opened for Foodcoin in a period of two hours. There have been a total of 120 investors who trusted this project’s development. There are major leaders in the sector that add up to more than 3,000 establishments. This initiative has proved so successful that quickly reached 125% of the investment, resulting in €299,720.
Foodcoin is the first token created by and for innkeepers. It offers a blockchain-based solution that aims to create a loyalty system with no implementation or fixed costs for the establishment. It is very simple. Every time customers consume, they receive a percentage of what they have spent in what they have called local coins. The next time they visit the establishment, they will be able to pay with them. Regarding the innkeeper, Foodcoin will only charge a percentage for the local coins consumed in the restaurant, only paying commissions when the system has proven its usefulness. Foodcoin wins when everyone wins.
Innkeepers such as FOODBOX and LALALA already rely on Foodcoin for their initial phase in premises on Ponzano Street and Paseo de la Castellana (Madrid).
As Ricardo Marín (CEO of Foodcoin) states, “We are very grateful for the good reception that Foodcoin has had in the market, both by users and by the establishments and chains that have trusted us. Likewise, thanks to the visibility of the project that Fellow Funders has given us, we have been able to reach our fundraising goal, allowing us to do our bit in the hospitality sector, all from an innovative and disruptive perspective.”
This round aims to develop the app and the Foodcoin currency and locate new pilots in other locations. Fellow Funders strengthens its extensive track record as a leading equity crowdfunding platform in Spain and consolidates its business of financing companies and projects of different kinds.
