Halal Industry

HalalEat extends crowdfunding campaign, talks possible acquisition

| 12 September, 2017
 Emmy Abdul Alim
HalalEat extends crowdfunding campaign, talks possible acquisition
Photo: L-R - HalalEat founder and CEO Abul Rob, sales manager Ali Hassan, and co-founder Musa Ahmed. Courtesy HalalEat

HalalEat, the United Kingdom’s first halal food delivery service, has extended its crowdfunding campaign to target 50 percent overfunding after it achieved its original goal of 100,029 British pounds ($130,408) in 36 days, Abul Rob, its founder and CEO told Salaam Gateway.

The start-up has until the end of September to reach 150,000 pounds, although it does not necessarily have to reach that target, said Rob. “We decided to overfund to give the crowd a last opportunity to get involved. A lot of people were away on holidays when we launched our campaign, so this extra time gives others time to consider and further gives confidence that we’re already funded effectively,” said Rob.

Around 90 percent of investors are non-Muslims, according to Rob. “It seems the wider investor community has recognised the trend in halal food far quicker than the community the service and product is designed for,” said Rob, referring to HalalEat’s business model as “Muslim centric”.

“With the additional money being raised, we are also looking at a possible acquisition or investment in an overseas player who’ll enhance our technology offering and give us a footprint outside the UK mainland,” he added.

HalalEat’s campaign, which started on August 1, has generated more investor interest in the start-up, according to Rob. Without providing details, he said the company is already engaged in talks with “some prominent investors” who have seen its crowdfunding success and are keen to get involved in the next round of investment planned for mid-2018.

For now, the start-up is gearing up for rapid growth in terms of key hires and technology development when the crowdfunding round closes.

“The next 12 months for HalalEat is going to be explosive in every sense,” said Rob.

HalalEat was launched in November 2015 and has so far been bootstrapped. It is valued at 1,328,226 pounds ($1,731,608) pre-crowdfunding and is offering investors 7 percent equity.

Rob previously told Salaam Gateway HalalEat sees consumer demand from the United States, New York in particular, and some interest in Germany.

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