EatOut is a restaurant search and discovery service that provides information and reviews on restaurants, founded in 2010 by Mikul Shah.
The two companies in a joint press statement said the capital injection will fund the development of EatOut’s new mobile payments app and expansion into neighbouring markets.
“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,” Shah said during an interview with this writer.
Craft Silicon provides core banking software, microfinance, mobile, switch solutions and electronic payments for customers on four continents. Craft Silicon CEO, Mr Kamal Budhabhatti, says they have invested in EatOut because of a revolutionary new technology payment platform the company is about to launch.
“EatOut is the go-to source for foodies and has been a catalyst in transforming the region’s food scene. Over the years they’ve launched innovative products such as Yummy Magazine and Nairobi Restaurant Week. At the core, however they have a fascinating payments solution that we believe will change the way consumers dine in the region. Craft Silicon as a FinTech company building enhanced verticals that ride on our payment gateway, has made this investment because of our strong conviction in the founders, the world-class product they have built, and their ambitious vision,” Budhabatti said.
Both Kamal Budhabatti and Mikul Shah were recently selected for the 2017 cohort of The Stanford Institute for Innovation in Developing Economies (SEED) program for East Africa, an initiative of the Stanford Graduate School of Business.