Queenstown startup First Table’s accepted a term sheet from a ‘‘prestigious institutional investor’’, which exceeds the company’s total fundraising to date.
The company, founded by Mat Weir in 2014, has been undertaking a capital raise, via Snowball Effect, for the past month — the first time it’s opened to investment from the public — hoping to raise between $2 million and $4m.
On Monday night it hit $1m, and by yesterday afternoon it was just almost at $1.14m.
Weir, who can’t disclose the investor’s identity or the amount they’ve accepted yet, says embracing the lead investor’s terms
was a strategic move, in line with the ambition to transform the business into a billion-dollar hospitality technology powerhouse.
The capital raise is scheduled to end on May 1.
