Southland-based company invests 'significantly' into First Table

Invest South - owned by Community Trust South - has invested in First Table bringing the hospitality tech company’s total capital raise to $3.5 million.

First table founder Matt Weir.

Community Trust South-owned company Invest South has made a “significant investment” into First Table, a leading hospitality technology platform.

First Table was founded in Queenstown by Mat Weir in 2014 after he discovered a small French restaurant offering 50% off their first table of the night.

The ‘first table’ helped build an atmosphere from the start of service to attract more customers. It was a win-win for restaurants and diners alike.

Already a tech entrepreneur, Weir saw an opportunity to build an online marketplace to solve the problem of slow starts to evenings, at scale.

First Table now operates throughout New Zealand.

Invest South - owned by Community Trust South - has now invested in the hospitality tech company bringing First Table’s total capital raise to $3.5 million.

First Table commenced its first capital raise via Snowball Effect in March this year, welcoming both retail and wholesale investors.

In April, the company received a term sheet from Invest South, solidifying its commitment to supporting First Table's growth.

Invest South executive officer Prue Halstead was enthusiastic about backing First Table.

“Investing in a hospitality technology business based in Queenstown but with global aspirations aligns perfectly with Invest South's mission to invest in companies that can have an impact on the economic prosperity of the region as a whole.

“First Table not only contributes to the local economy and fosters a vibrant society through the support of the hospitality sector, but it also demonstrates the ability to run a successful business from the Southern region.”

Other southern companies Invest South has invested in include BISON Group Limited, Energia Potior Limited, Fiordland Lobster Company Limited, Izon Science Limited, New Zealand Beeswax Limited, Nomos Limited, and Waikaia Gold Limited.

“We conducted extensive due diligence [with First Table], recognising the community funds involved, and are confident that this strategic investment will have a positive impact on the region and the hospitality industry as a whole,” Halstead said.

Invest South CEO Prue Halstead.

Mainland Angel Investors has also confirmed a significant investment in First Table.

First Table CEO and Founder Mat Weir welcomed the company's new investors.

“We are thrilled to welcome substantial investments from Invest South and Mainland Angel Investors, on top of all of our new Snowball Effect investors of which there are 325 individuals.

“These partnerships affirm the strength of the opportunity and confidence in our team despite these challenging times for raising capital.

“We're excited to put this investment to work and execute our plan to become the leading hospitality technology platform not just in New Zealand, but globally."

He adds: “This capital raise has been extremely successful in that we reached our minimum of $1.5 million and secured significant wholesale investment on top of what came in via Snowball Effect. We’re in active conversations with a small number of additional investors and expect to close the round in two weeks.”