First Table, the popular restaurant discovery platform, is excited to announce they are live with their first capital raise via Snowball Effect.
Since its launch in 2014, First Table has become a leading player in the restaurant reservation industry. Its innovative business model allows users to book the first table of the evening at partner restaurants with 50% off the food bill.
It is the only restaurant platform that has integrated with seven restaurant reservation systems, enabling direct placement of regular bookings into these systems. The next phase is for the proprietary First Table engine to search multiple reservation systems simultaneously and display real-time availability with a map view.
The platform has since grown to become a trusted restaurant discovery platform with over 1,400 restaurant partners across New Zealand, Australia, Ireland, Indonesia, Canada and the UK and is on track to generate over $2.2 million in revenue in 2022/23 across 240,000 bookings. Booking numbers in established cities are now well ahead of pre-Covid levels.
With a pre-money valuation of $18 million, First Table is in the process of securing wholesale investment and is now looking to raise up to $4 million from both wholesale and retail investors. Over the next three years, First Table estimates potential revenue growth of $8 million from existing cities, $2 million from new cities and a potential $10 million from its new product Regular Table.
First Table founder Mat Weir says they’re incredibly excited to partner with snowball effect as crowdfunding allows us to offer something back to those who have been instrumental in our success, including both diners and restaurant partners
“We wouldn’t be here without them!” he says.
With gross margins already in excess of 60% in their more developed cities, and even factoring in a significant increase in sales and marketing, the company expects to be generating $23 million in revenue in FY26.
Investors will be able to take advantage of First Table’s innovative business model and the growth potential of its hospitality technology. The investment will support the company’s roll out of Regular Table, expansion into new markets, development of new features and tools for restaurant partners, and further enhancement of the user experience.
Investment is now open on Snowball Effect’s website.
