Craft Silicon, a Kenyan fintech firm has invested $500K into Nairobi-based restaurant discovery platform EatOut to help it launch a payments wallet for restaurants.
In a statement Craft Silicon CEO, Kamal Budhabhatti said: “EatOut is the go-to source for foodies with a disposable income. They’ve been a catalyst in transforming the region’s food scene.”
Craft Silicon which also runs taxi hailing app Little will use EatOut’s various verticals such Nairobi Restaurant Week, Nairobi Burger Week and Taste Awards to help fuel expansion of Little into Uganda, Tanzania and Rwanda where EatOut has a growing user based.
EatOut also runs Yummy Magazine and the recently relaunched Nomad Magazine and a payments solution.
According to EatOut founder, Mikul Shah: “Over the last 12 months we have been testing our mobile payments and loyalty platform with several partners. In taking this big step forward we wanted a partner that could bring a wealth of industry expertise. The Craft Silicon team has been working with us since inception and we are delighted that they share our vision. It is so encouraging to see a local tech company invest in small businesses within the region. In many ways, this is a first and we hope it will pave way for more businesses to do the same. Craft Silicon has never been shy of a challenge and with products such as Little have shown that they are able to compete head to head with some of the world’s largest tech brands. I’m extremely excited about this next phase in our journey!”
The new EatOut App will allow diners to pay for their meals through their mobile phone. Likewise several bank & lifestyle apps will integrate to EatOut’s network of restaurants.
The investment will also see Craft Silicon’s Head of Merchant Operations Ann Wangu gain a seat on EatOut parent company Websimba Ltd’s board.