Catering management software company Spoonfed is planning major 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 East coast USA.
Spoonfed’s co-founder and MD, Willie Biggart, 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 £40 billion. Spoonfed is already established in the UK, Canada, Ireland, Holland, Belgium, France and Australia. This expansion will cement their foothold in the highly lucrative US market.
Biggart continued: “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. This new funding will help us make further roads into a market that’s 8 times larger than the UK.”