EatStreet is bound to expand into new markets and generate more jobs for qualified individuals as they have most recently acquired $2 million worth of Series A funding. The financing was led by Cornerstone Opportunity Partners, LLC, and was also participated in by Gener8tor as well as new angel investors and existing investors.
The company’s CEO and co-founder Matt Howard share more about this funding news through this e-interview with Lead411:
Who are your competitors and how are you different from them?
Our main competitors are GrubHub, Seamless, CampusSpecial and OrderUp. Ourcompany offers a one-stop shop platform for restaurants, which incorporates a consolidated platform, white-labeled ordering and mobile ordering. This allows restaurants to get all the main services they need for online ordering in one place.
What percentage of your marketing budget is spent on the following?
Advertising – 45%
Social Media Marketing – 5%
SEO – 10%
PR – 5%
Direct Marketing – 30%
Other – 5%
What do you plan to spend your new funding on?
The new funding will allow us to expand the company to additional markets across the country and hire the talent needed to accomplish the expansion. It will also allow us to implement new features and increase marketing in our current 25 cities.
If this is your first round of financing and you’re the CEO, how many hours did you put into working on getting your financing? Was that taking up the most of your day?
Financing definitely took more time and resources than I would have liked. Roughly half of my week was dedicated to raising the capital needed to fund our expansion.
If you are the CEO, what are your biggest challenges?
The biggest challenge I have faced is juggling my old responsibilities with my new ones. During the course of the history of the company, I have worn many hats and as our company grows I have encountered new challenges and responsibilities on a daily basis.
How many employees do you have?
We have 15 full-time employees in our Madison office and 40 part time employees throughout our cities.
When were you founded?
We launched our first website in February of 2010 in Madison, WI.
How much did your revenue increase (if any) this year over last year?
We have experienced growth of more than 300% in the last year.
Want to know more about this recent funding? You can check out this press release here.