New Zealand’s First Table, the popular restaurant discovery platform, 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 business model allows users to book the first table of the evening at partner restaurants with 50 percent off the food bill.
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 has estimated 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.
Regular Table allows diners to make regular bookings for the whole evening on the First Table platform, without the First Table offer. This solves the issue of the time-consuming restaurant booking process in New Zealand where many booking websites only display live availability for some restaurants through a single reservation system.
First Table 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.
Gross margins are already in excess of 60 percent 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 the 2026 financial year.
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 rollout of Regular Table, expansion into new markets, development of new features and tools for restaurant partners, and further enhancement of the user experience.
First Table boasts a large user base, an extensive restaurant footprint, and a unified API into the major reservation systems, making it a leading player in the restaurant reservation space. With its proven success in New Zealand, First Table is now accelerating its global expansion and seeking investment to support its growth strategy.