The funds will be used to launch Settle in the US market. The startup does not plan to compete with OpenTable and Reserve, competitors with similar functionalities.
Settle is currently working on integrating with the US-based services Stripe, Yelp, and Locu and creating a version of the application for waiters.
The capital injection from SMRK VC is only part of a round of financing that the startup hopes will ultimately reach USD 1.5 million in total. Settle hopes to deal with US-based investors and move to the US, following the example of several Ukrainian startups.
In July 2014, Russian fund Life.Sreda committed itself to bring USD 1.5 million to the Ukrainian startup. The fund, however, changed its strategy and actually provided the startup with just a fraction (15%) of the agreed amount.
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