Feast It Raises € 5 Million As Investors Return To In-Person Events

London-based event provider market Feast It has raised € 5million (£ 3.35million) in a venture capital funding round, showing how investors are supporting the return of events in person.

The oversubscribed round was led by Fuel Ventures and supported by Best Nights VC.

Launched in 2017 and dubbed “Airbnb of events”, the Feast It platform connects event planners with suppliers for physical and virtual events. It aims to capture a slice of the global events industry worth 900 billion euros.

It comes as the global event industry is gradually restarting after Covid-19 shut it down. The UK’s € 95 billion events business is expected to start in 2022, but is expected to include virtual, in-person and hybrid events.

Modernization of the event industry

In-person events have already picked up in the UK, which is reflected in the recent growth of Feast It. The company claims to have achieved 14 million euros in annualized sales in 2021 and saw its sales increase by 2,300% from January to September of this year.

He works with both independent businesses and last names, ranging from Nobu and Pizza Pilgrims, to one- and two-person businesses such as the Florist featured by Netflix Flower Station.

Treat yourself said more than 80,000 people have used its platform since its launch. Other new investors in its most recent increase include the investment unit of Mast-Jägermeister SE, Ascension Ventures and MAHR Projects.

Some of the well-known existing investors participating in the round include Tim Score, chairman of British Land, and chairman of Feast It, Richard Pennycook, previously chairman of The Hut Group and CEO of the cooperative, as well as Magnus Rausing, of the Tetra family. Pak. .

The company was previously funded by Sarah Willingham of Dragons Den, as well as Guy Berryman of Coldplay.

In January of this year, Feast It raised £ 1.7million in a fundraiser.

Meeting the challenge of the pandemic

When the physical events industry shut down during the pandemic, Feast It pivoted to open up new revenue streams for vendors by facilitating virtual events.

This included online cocktail classes, virtual escape rooms, and masterclasses with renowned chefs such as Marco Pierre White and Tom Kerridge.

According to co-founder and CEO Digby Vollrath, the events industry has gone through a watershed over the past 18 months, and many people have canceled the return to physical events to bet on a digital future.

“At Feast It, we firmly believe that the most important moments in your life are created when people come together in person and we look forward to playing a major role in helping the country return to what it does best, by celebrating, ”Vollrath said.

Feast It President Richard Pennycook added, “You cannot underestimate the impact that physical events can have on the overall mental health of the population. Feast It not only ensures that an event’s vendors will be of a high standard, but also takes the perceived stress out of hosting a major event.

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