-93%

est. 2Y upside i

Seed

Stage: exit. Country: Germany / London

Rank

#2120

Sector

Online Catering Marketplace

Est. Liquidity

~3Y

Data Quality

Data: Low

The equity opportunity at EatFirst (the company issuing equity, not the defunct Caterwings brand) presents moderate upside with higher risk.

Last updated: March 10, 2026

Bull (25%)+200%

EatFirst successfully integrates recent acquisitions like Feedr, expands its European and Australian market share, and achieves sustained profitability. This drives revenue to over $75M by 2028, justifying a $105M+ valuation at a 1.4x multiple, representing a 2x return on the estimated current valuation.

Base (40%)+50%

EatFirst maintains its position in the corporate catering marketplace, growing steadily but facing continued competition from established players. Revenue reaches approximately $37.5M, leading to a $52.5M valuation, offering a moderate return on equity.

Bear (35%)-70%

Increased competition from dominant incumbents like ezCater or expanded B2B offerings from large food delivery services (Uber Eats, DoorDash) erodes EatFirst's market share and pricing power. Growth stalls, leading to a down round or acquisition at a significantly lower valuation of $10.5M, wiping out most common stock value due to the $8M liquidation preference.

Est. time to liquidity~3.0 years

Preference Stack Risk

high

Investors hold $8M in liquidation preferences. In an estimated $35M exit, common shareholders would receive $27M. In a $10.5M bear case exit, common shareholders would receive only $2.5M after preferences.

Dilution Risk

moderate

Given the last funding round was in 2015, future equity raises are likely for continued growth or acquisitions, which would dilute existing shareholders.

Secondary Liquidity

none

There is no indication of active secondary markets or tender offers for EatFirst equity.

Questions to Ask at the Interview

Strategic questions based on Caterwings's data — designed to show you've done your homework.

  • 1

    “Given EatFirst's history of acquiring brands like Caterwings and Feedr, how does the company plan to integrate these platforms and leverage their combined strengths to differentiate itself from major competitors like ezCater and the B2B arms of large food delivery services?”

  • 2

    “With an estimated revenue of $25M and a goal of achieving profitability, what are EatFirst's primary strategic initiatives for accelerating growth over the next 2-3 years, particularly in terms of market expansion or new product development?”

  • 3

    “Considering the last publicly announced funding round was in 2015, how is EatFirst currently capitalized, and what is the anticipated timeline and strategy for future funding rounds or a potential liquidity event for employees?”

Community

Valuation Sentiment

Our model estimates -93% upside. What do you think?

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Disclaimer: This analysis is AI-generated and does not constitute financial or career advice. Always conduct your own due diligence.