Award winning Kenyan start-up EatOut (www.eatout.co.ke) has entered into an agreement with Netherlands based Africa Media Ventures Fund, which will see the Dutch firm acquire an additional 7.9% stake in the innovative Kenyan start-up for a sum of US$200,000.
The agreement comes at an opportune time as EatOut has just recently launched its new and refurbished website and over the next 24 months prepares to launch its service in several African countries.
AMVF actively invests in media companies in sub-Saharan Africa, offering a combination of venture capital and business development support, involving knowledge, experience, access to proven business concepts/applications and network to innovative start-ups.
[quote]We have had a fantastic 12 months and are delighted to continue our partnership with AMVF. Their backing of EatOut is a testament to the company’s success as an innovative content provider within the hospitality industry.” states Mikul Shah, Director at EatOut’s holding company Websimba.[/quote]
Partnerships with the likes of the Business Daily, Capital FM, Google & Safaricom have helped to establish EatOut within the hospitality and tech community, with it’s online booking service seating over 120,000 diners generating over Ksh 250 million in revenue for restaurants in Nairobi in 2012.
AMVF has previously also invested in EatOut’s sister company SleepOut.com – recently selected to participate at arguably the world’s largest leading start-up and investor event; Web Summit Dublin in October.