GABORONE, 11 January 2018 – A Botswana Startup, MyFoodness (PTY) LTD, recently concluded a successful seed round of investment. Within two weeks of opening up the seed round, there was an overwhelming amount of investor interest and six European investors grabbed up shares.
Food ordering and delivery apps around the world have seen millions of dollars in investment poured into them lately, including the likes of UberEats, FoodPanda, and several others.
“We are quite pleased about the success of the seed investment round. The overwhelming interest gave us the opportunity to strategically pick our investors. Our six investors are high tech experts, most with award winning tech products, across; Denmark, The Netherlands, Switzerland and Norway. More than anything, what I’m most pleased about, is the deep and varied tech expertise they bring into our company, beyond just the money. They are all super excited about our company and journey, about Botswana in general and our immediate planned expansion markets in Africa. It’s really exciting, and when your investors tell you they are 120% behind you…it is quite motivating for an entrepreneur” says Boi Kgathi Rasmussen, Founder and CEO of MyFoodness Botswana.
While the company is not yet keen on publicly disclosing the seed round amount, it's current valuation is estimated to be around a few million Pulas (BWP), even before the planned launch date of January 26th 2018. This is a first for Botswana. “Valuation is good, but at the end of the day, the product-market-fit needs to be there and we need to see good traction in the form of transactions. So, right now, we are focused on relentlessly pursuing our goals for the product”, says Kgathi Rasmussen.
Online food ordering and delivery platforms are expanding choice and convenience for consumers around the world. They allow consumers to order from a variety of restaurants with a single tap on their phones. The race to invest in such platforms is on, for example, elsewhere in the world; DeliveryHero and Foodpanda both attracted 100 million euros, roughly 1 Billion Pula (BWP) in investment.
“I can’t emphasise enough that the true value of our offer as a company, is data. Beyond the convenience of food ordering and delivery, we are truly a high tech and data company. Recently, I was lucky enough to sit right across from Eric Schmidt, the Executive Chairman of Alphabet Inc (Google), and he said; ‘If you’re not using machine learning and data, your competitor is beating you’. This is the true value of what we offer to our restaurant partners and consumers. Whether it’s personalized experiences or whatever else, data offers opportunities for companies to out-compete their competitors, innovate with the right product-market-fit, and so much more”, enthused Kgathi Rasmussen.
Tech Platforms such as MyFoodness, contribute to the economic diversification efforts of Botswana, as well as employment creation. The company, before launch, has already created employment opportunities for ten people in Botswana, three people across Africa, three across Europe.
MyFoodness is a mobile-commerce food ordering and delivery marketplace for Botswana.
For more information please visit www.myfoodness.co.bw