CJ Freshway’s Pieat uses crowdfunding to discover hidden gem restaurants

[Courtesy of CJ Freshway]

CJ Freshway Corp., CJ Group’s food distribution and catering company, has given gourmets the chance to discover well-regarded small little restaurants, while giving the popular restaurants new business opportunities with its crowdfunding platform Pieat.

Pieat is a crowdfunding platform specialized in food and beverages. Launched in May as part of CJ Freshway’s first in-house venture project, the platform has recently raised 4 million won ($3,052) selling restaurant meal replacement (RMR) packages of low-temperature aged pork shoulders from a local pork barbeque restaurant.

Food companies have often used crowdfunding as a promotional tool for their new products or for discount promotions, but there has not been a crowdfunding platform focused in this sector. CJ Freshway’s blueprint is that Pieat will eventually serve as the foundation for its dining solutions business as the company provides customized consulting services from menu development and branding all the way to logistics.

While traditional crowdfunding channels focus on sharing profits in return for small rewards, Pieat focuses on expanding the customer experience. Pieat does not share profits through its funding items, but the supporters are rewarded with vouchers or meal placement packages. The vouchers include a new menu item introduced for the first time through the platform, making it perfect for gourmet consumers who enjoy trying new experiences.

“Business owners can enjoy pretty good promotional effect, rather than simply raising funds through the platform, because the supporters who participated in the funding would come and eat at their restaurants with the vouchers,” said one official from CJ Freshway. Pieat also provides a community, called Pieat Club, where people can post for dining meetups.

The name of the platform is coined with the two words, “pie” and “eat,” hoping that the app will be a win-win for both restaurants and consumers. As for RMR products, supporters can get their products only if the funding reaches 100 percent. Pieat’s main targets are small- and medium-sized franchises and restaurant owners. It plans to provide consumers with trendy dining options at affordable prices and help small businesses raise sales, the company said.

Aside from the pork barbecue, the platform has funded more than 20 restaurants so far. They included deals at some of the more famous cafes and restaurants like the sandwich cafe Renwich, a dessert house Duckduckduck known for its cronut, the combination of a croissant and a doughnut, and Ogeunnae Dakgalbi, famous for its stir-fried spicy chicken.