$3.5 million for First Table
Queenstown tech firm First Table has announced a "significant investment" from Invest South, bringing its total recent capital raise to $3.5m.
Invest South is the second major wholesale investor to back the hospitality booking tech company, following Mainland Angel Investors.
The capital raise, launched via online investment marketplace Snowball Effect in March, has also attracted 325 other individual investors. It has smashed its $1.5m minimum target.
First Table CEO Mat Weir, who founded the company back in 2014, plans to use the money to strengthen its position in New Zealand and accelerate overseas growth.
He's thrilled to welcome the company's new investors.
"These partnerships affirm the strength of the opportunity and confidence in our team despite these challenging times for raising capital," Weir says.
"We're excited to put this investment to work and execute our plan to become the leading hospitality technology platform not just in New Zealand, but globally."
Weir says First Table met the terms proposed by Invest South in April, which included a comprehensive due diligence process. It is still in "active conversations with a small number of additional investors" and expects to close the investing round in two weeks.
Prue Halstead, Executive Officer for Invest South, says the investment aligns with its mission to invest in companies that can have an impact on the economic prosperity of the region as a whole.
"First Table not only contributes to the local economy and fosters a vibrant society through the support of the hospitality sector, but it also demonstrates the ability to run a successful business from the Southern region," Halsted says.
"We conducted extensive due diligence, recognising the community funds involved, and are confident that this strategic investment will have a positive impact on the region and the hospitality industry as a whole."
Peter Ramsay, Network Manager of the Mainland Angel Investors, says they are also excited to be a part of First Table’s first capital raise and its next chapter.
"They have demonstrated incredible growth potential and the ability to attract key talent to support the founding team on their mission to scale offshore. Our investment into First Table proudly demonstrates the growing hunger in the lower South Island to support high-growth investment opportunities."
