FaveKitchens offering is now closed and is no longer accepting investments.
INVEST IN FAVEKITCHENS TODAY!
Restaurant 2.0
$42,061.26 Raised
Reasons to Invest
- US restaurants sales forecast to hit $898 billion in 2022, reports the national restaurant association.
- More than 110,000 restaurants and bars closed in 2020, in large part due to COVID-19 (Source)
- The company leverages a pandemic-proof business model that hybridizes local restaurants and delivery services
Overview
We exist to help independent restaurants
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Our mission is to ease financial burdens and operating costs while also allowing rapid setup and effective resource management. By reducing operating costs and upfront capital burdens, FaveKitchens empowers independent restaurateurs to continue doing what they love: providing nourishing, fresh food to their communities.
With FaveKitchens, customers can choose from multiple cuisines, mix and match their favorite dishes from numerous local restaurants, and satisfy every family member's different craving. We are currently in the Beta phase of development.
THE PROBLEM
The changing food market is hurting independent restaurants
It’s no secret that running a restaurant takes a herculean effort. Under normal economic conditions, most restaurants fail, however, the pandemic has exacerbated that difficulty to a staggering degree. 7 on 10 operators say they are understaffed, inflation, supply chain shortages, and the corporate force of delivery services are all huge issues independent restaurants have to tackle. (Source, Source)
Despite independent restaurants being part of our economy’s backbone, the challenges they face are becoming increasingly difficult. If independent restaurants are to thrive in the modern era, they’ll need to adapt to address these mounting challenges.
THE SOLUTION
We are Restaurants 2.0
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FaveKitchen's local team comes from a diverse background with experience in tech, hospitality, and manufacturing. We've joined forces to assist family-owned local restaurants in pivoting their operations to meet the new demands of today’s market. We provide satellite kitchens, technology, business operations, and delivery logistics to help independent restaurants keep up in today’s ever-evolving economy.
We believe FaveKitchens has the potential to reduce costs for independent restaurants by more than 50% on every sale through our platform and co-op delivery model. Our platform connects multiple businesses to give customers multiple options that are all delivered under the same order.
Our business model operates in a similar fashion to cloud kitchens, which are commercial kitchens that are typically built with the sole purpose of cooking food for delivery. Through FaveKitchens, you can order Chicken Tikka Masala, mac ‘n cheese, and a burger from three different restaurants and get them all delivered to you in one order.
THE MARKET
We are in the process of creating a virtual food court that aids restaurants
What makes us unique is our hub and bespoke model which helps us scale faster than other companies in the food industry. This collection of local chef restaurateurs creates a great menu that can satisfy nearly every customer’s palate. With our technology we are in the process of making the world a virtual food court.
Our platform empowers independent restaurants to take the customers back from national delivery aggregators and keep the delivery costs low. FaveKitchen's technology has the potential to yield a one-of-a-kind vertical of a hyper-local neighborhood market where consumers are offered a smorgasbord of items and have a dedicated delivery solution. We are able to tap into the massive delivery market by aggregating local restaurants’ menus into one, streamlined delivery service.
OUR TRACTION
We believe our pandemic-proof business is cooking
We believe the launch of our flagship cloud kitchens & micro cloud kitchens has been an immediate success, which has proven our internal claim of having a pandemic-proof business model. By leveraging the delivery aspect of our platform, we have adapted well to the new demands of the current market. Moreover, we have signed contracts with corporate catering companies like Lish, Relish, and Peach, which puts us in a favorable position in this budding market.
WHY INVEST
Help us bring independent restaurants into the modern era
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The restaurant and delivery industries are evolving at a lightning pace right now, and FaveKitchen’s business model is positioned to adapt to this ever-evolving market. Our unique business model empowers independent restaurants to cater to the unique needs of the modern consumer, so both the customers and local businesses win. Help us bring independent businesses into the modern era and invest in FaveKitchens today.
ABOUT
HEADQUARTERS
1534 1st Ave S, #400
Seattle, WA 98134
VALUATION
$17.99M
FaveKitchens is a distributed restaurant platform helping independent restaurants scale. We provide satellite kitchens, technology, business operations and delivery logistics. Our tech platform empowers independent restaurants to operate delivery and pick-up in a co-op model still by keeping the costs low and having control over the customer journey.
TEAM
Praveen Akula
CEO & Director
Entrepreneur by nature who always look for problems to solve.
PersonalIy I am an outdoor person, huge Seahawks fan and love to play cricket.
Satheesh Kanchi
CTO
Specialties: Data Analytics, Business and Technology Consulting, Mobile Apps Development, Enterprise Mobility Consulting, Cross Mobile Platform strategy Expert.
Ramana Narayana(AJ)
VP of Culinary Operations
Love anything related to food and back of the house operations.
Krishna Nadella
Board of Director
Kalyan Nadipalli
Board of Director
TERMS
FaveKitchens
Overview
PRICE PER SHARE
$2.02
DEADLINE
May 1, 2022
VALUATION
$17.99M
AMOUNT RAISED
$42,061.26
Breakdown
MIN INVESTMENT
$498.94
MAX INVESTMENT
$1,069,998.04
MIN NUMBER OF SHARES OFFERED
4,950
OFFERING TYPE
Equity
ASSET TYPE
COMMON
SHARES OFFERED
Common Stock
MAX NUMBER OF SHARES OFFERED
529,702
Maximum Number of Shares Offered subject to adjustment for bonus shares
Company | : | FaveKitchens Inc. |
Corporate Address | : | 1534 1st Ave S, #400, Seattle, WA 98134 |
Offering Minimum | : | $9,999.00 |
Offering Maximum | : | $1,069,998.04 |
Minimum Investment Amount(per investor) | : | $498.94 |
Terms
Offering Type | : | Equity |
Security Name | : | Common Stock |
Minimum Number of Shares Offered | : | 4,950 |
Maximum Number of Shares Offered | : | 529,702 |
Price per Share | : | $2.02 |
Pre-Money Valuation | : | $17,988,100.00 |
*Maximum number of shares offered subject to adjustment for bonus shares. See bonus info below.
Voting Rights of Securities Sold in this Offering
Voting Proxy. Each Subscriber shall appoint the Chief Executive Officer of the Company (the “CEO”), or his or her successor, as the Subscriber’s true and lawful proxy and attorney, with the power to act alone and with full power of substitution, to, consistent with this instrument and on behalf of the Subscriber, (i) vote all Securities, (ii) give and receive notices and communications, (iii) execute any instrument or document that the CEO determines is necessary or appropriate in the exercise of its authority under this instrument, and (iv) take all actions necessary or appropriate in the judgment of the CEO for the accomplishment of the foregoing. The proxy and power granted by the Subscriber pursuant to this Section are coupled with an interest. Such proxy and power will be irrevocable. The proxy and power, so long as the Subscriber is an individual, will survive the death, incompetency and disability of the Subscriber and, so long as the Subscriber is an entity, will survive the merger or reorganization of the Subscriber or any other entity holding the Securities. However, the Proxy will terminate upon the closing of a firm-commitment underwritten public offering pursuant to an effective registration statement under the Securities Act of 1933 covering the offer and sale of Common Stock or the effectiveness of a registration statement under the Securities Exchange Act of 1934 covering the Common Stock.
Investment Incentives and Bonuses*
Previous Backer Bonus
For any previous backers or investors in FaveKitchens, when you invest in this live offering you will receive an additional 3% bonus shares.
Time-Based
Friends and Family Early Birds
Invest within the first 7 days and receive an additional 15% bonus shares.
Super Early Bird Bonus
Invest within the first 14 days and receive an additional 10% bonus shares.
Early Bird Bonus
Invest within the first 17 days and receive an additional 5% bonus shares.
Amount-Based:
$5,000+
Receive 5% bonus shares
$10,000+
Receive 10% bonus shares
$20,000+
Receive 20% bonus shares
*All perks occur when the offering is completed.
The 10% StartEngine Owners' Bonus
Favekitchens will offer 10% additional bonus shares for all investments that are committed by investors that are eligible for the StartEngine Crowdfunding Inc. OWNer's bonus.
This means eligible StartEngine shareholders will receive a 10% bonus for any shares they purchase in this offering. For example, if you buy 100 shares of Common Stock at $2.02/share, you will receive 110 shares of Common Stock, meaning you'll own 110 shares for $202. Fractional shares will not be distributed and share bonuses will be determined by rounding down to the nearest whole share.
This 10% Bonus is only valid during the investor's eligibility period. Investors eligible for this bonus will also have priority if they are on a waitlist to invest and the company surpasses its maximum funding goal. They will have the first opportunity to invest should room in the offering become available if prior investments are canceled or fail.
Investors will only receive a single bonus, which will be the highest bonus rate they are eligible for.
Insider Investment Notice
Officers, directors, executives, and existing owners with a controlling stake in the company (or their immediate family members) may make investments in this offering. Any such investments will be included in the raised amount reflected on the campaign page.
Irregular Use of Proceeds
The Company might incur Irregular Use of Proceeds that may include but are not limited to the following over $10,000: Vendor payments.
PRESS
ALL UPDATES
03.31.22
Insider Investment Notice
FaveKitchens Inc has an investment update. An insider has invested $5001.52 in the Company’s current Reg CF offering. Please refer to the Company’s offering materials for further information and refer to the Company’s Risk Factors
03.17.22
Grand Opening - Micro Cloud kitchen in Mercer Island(Location -2)
Thank you to Mayor Salim Nice, Deputy Mayor Dave Rosenbaum, Mercer Island Chamber of Commerce, and the local community for coming out and supporting our grand opening! @cityofmercerisland @mercerislandchamber(Joy)
REWARDS
$498.00
StartEngine Owner’s Bonus
This offering is eligible for the StartEngine Owner’s 10% Bonus program. For details on this program, please see the Offering Summary section below.
$5,000.00
$5,000+
Receive 5% bonus shares
$10,000.00
$10,000+
Receive 10% bonus shares
$20,000.00
$20,000+
Receive 20% bonus shares
JOIN THE DISCUSSION
0/2500
HOW INVESTING WORKS
Cancel anytime before 48 hours before a rolling close or the offering end date.
WHY STARTENGINE?
REWARDS
We want you to succeed and get the most out of your money by offering rewards and memberships!
SECURE
Your info is your info. We take pride in keeping it that way!
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With Regulation A+, a non-accredited investor can only invest a maximum of 10% of their annual income or 10% of their net worth per year, whichever is greater. There are no restrictions for accredited investors.
With Regulation Crowdfunding, non-accredited investors with an annual income or net worth less than $124,000, are limited to invest a maximum of 5% of the greater of those two amounts. For those with an annual income and net worth greater than $124,000, he/she is limited to investing 10% of the greater of the two amounts.
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