After succeeding in the first round and experiencing a six-month consecutive growth, Foodcoin is launching its second funding round through Fellow Funders. On this occasion, the target capital will be €400,000. 70% of the funds will go to marketing, while the remaining 30% will finance the development of its App.
“Who’s up for another round?” At some point, we all have been asked this question at the bar with friends. This question indicates nothing more than the pleasantness of the evening. When the company is superb, time flies and no one steps forward to ask for the bill.
Most consumers dread the moment when the bill arrives at the table and the evening is over. Besides, it is this moment when these rounds on our wallets show their real impact. However, what if we could pay for our drinks with tokens instead of money? Ricardo Marín, the co-founder of the “Adopta un bar” (Adopt a bar) program, raised this question. His response? The creation of Foodcoin, the first token to be exchangeable for food and beverages.
Cashback through tokens
As a partner in several restaurant businesses, Ricardo knew that the pandemic was causing a shift away from physical cash as a means of payment in bars for health reasons and convenience. As a result, consumers have been switching to contactless payment methods. This paradigm shift was compounded by the rise of the blockchain sector, which led Ricardo to implement a 2.0 loyalty system. This system allows consumers to earn token cashback for each purchase that can be exchanged for drinks on the next visit to the store.
In January, Foodcoin became the first project to go out on Fellow Funders’ 2022 crowdfunding platform, the reason why many of you will already be familiar with this project. This round was a success, raising close to €300,000, an overfunding of 125% compared to the 240,000 € initially planned.
Six months of unstoppable growth
It has only been six months, and Foodcoin’s growth has only increased at a similar rate to that of the temperatures in our country. The outstanding success of the pilot project in Madrid’s Ponzano street and the promotion during the round attracted the attention of many players in the sector, including large restaurant groups.
Volapié, Papizza, and Alamar Foods (owner of Dunkin and Domino’s) are just some restaurant companies that have signed agreements. This progress has led Ricardo Marín’s team to implement a new currency: the grupalcoin. This currency will be usable in any establishment owned by a member restaurant group. The grupalcoins are an addition to the existing ones: the localcoin (associated with a specific establishment) and the foodcoin (redeemable at any establishment in the network).
Foodcoin in the media
The company has not only attracted the attention of famous restaurant groups, but its success has also been mediatic. It has been featured in over thirty media, such as Antena 3 and La Razón. Its proposal has also been a finalist in multiple competitions, including the “Horeca New Business Models Awards 2022” and “The Alimentaria Hub 2022“.
Fellow Funders has closely followed all of these successes. For us, Foodcoin is not just a client but a good friend. We share many of our values with them. So, as said before, when the company is pleasant, we can only ask one question: “Who’s up for another round?”
We are pleased to announce a new funding round with Foodcoin! In this round, however, the company is doubling its bet, with a target capital of €400,000. However, based on our past experience, we would not be surprised to reach the maximum €500,000 that an overfunding would allow. With these funds, Foodcoin aims to continue its growth, allocating 70% to marketing expenses and 30% to its App development.
So, are you up for another round?
Foodcoin continues to be unstoppable. Its purpose is to associate two sectors as different in appearance as the restaurant industry and blockchain but whose symbiosis could mean a new paradigm in payments in bars and restaurants. Fellow Funders is convinced that Ricardo’s team is making this possible, largely thanks to our investors. We only need to ask you directly: are you up for another round?