Crowdinvestment in the Middle East is continuing to look like easy money. After Nabbesh, Harir.com, and SearchinMENA.com ran successful campaigns on Eureeca over the past few months, Foodlve, a social discovery platform for foodies, is the fourth company to reach its goal on the regional crowdinvestment platform.
A total of 21 investors from locations including Japan, France, Norway, UAE and the UK funded Amman-based founder Nadia Shomali and her team, to build a site where users can collect, create, browse and buy food.
Like a Pinterest for food, Foodlve currently offers users the chance to browse food items, "Lve" them on Foodlve, or Pin them on actual Pinterest. It also connects browsers to food items on Amazon to purchase them from abroad, and is working on integrating with local vendors and restaurants to offer food products locally in its upcoming mobile app.
Currently, the startup, a graduate of Amman-based accelerator Oasis500, generates revenue via advertising, commissions on sales of the products it features, and the option of letting users pay for promoted posts.
Eureeca and Foodlve have revealed a few stats about the process:
- Shomail's oldest investor was 71, while her youngest investor was 23.
- Foodlve's largest investment was $50,000 was its smallest was $100.
- The highest number of investments for the startup occurred on Monday at 4PM GST
With 30 more days to go in its campaign, Foodlve is now continuing over and above the $93,500 it had raised at time of print. Offering 10% equity for $91,250, the company is valued at just under 1 million USD.
And now, another startup has joined the pool: Poupée Couture, a fashion accessories brand that "blends Eastern and Western culture," and whose handbags have been featured in American TV show The Carrie Diaries, has launched a campaign to raise $68,250 for 10% equity.