Startups
January 23, 2024
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Foodcoin Opens Third Round, Targets €1 Million for Hospitality Revolution

Foodcoin Shifts from Loyalty System to Aspiring "Bank of the Hospitality Industry"

Foodcoin, a loyalty system aiming for customer attraction, launches its third investment round to solidify its position in Spain's hospitality sector over the next 24 months.

Ricardo Marín, CEO, sees Foodcoin as a globally scalable project. Previous support from Pascual Innoventures adds value, and after two years of preparation, the company is poised to control costs and become a potential unicorn.

Marín opts for this growth method due to the high risk in the startup world. Foodcoin's current focus is twofold: aiding hospitality businesses in building loyalty and offering consumers a VISA for cashback payments within the Foodcoin ecosystem.

A good loyalty system, according to Marín, can boost sales by 10-15%. Foodcoin aims to simplify the process for restaurants, eliminating the need for separate apps and cards.

Since its official launch in September 23, Foodcoin expects to have 1,500 restaurants, 30,000 users, and €3 million transacted through its VISA by the end of 2024.

Foodcoin envisions becoming the "Bank of the Hospitality Industry," taking inspiration from successful models like Starbucks. The startup has secured a deal with Ecuadorian restaurateurs to expand in LATAM and plans to add locations in 15 major restaurant chains in Spain by the first quarter of 2024.

Despite the challenges, Foodcoin sees expansion as both a challenge and an opportunity, especially in South America, with initial steps set to begin soon.

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