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.
“2018 was a great year for Spoonfed, with monthly revenues increasing by more than 140 percent,” Spoonfed’s co-founder and MD, Willie Biggart says. “An increase of 300 percent in set up fees in the final quarter of 2018 indicates that this growth will accelerate in 2019. Our customers recognize Spoonfed as a great product—on average Spoonfed customers saw their revenue grow by 27 percent 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.
“Our major focus this year will be on the US market,” Biggart says. “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.”