USA: foodline.com hits the rocks
Paul Lightfoot always said he had "an appetite for risk," and he just found out that taking risks doesn't always pay. In 1998 Lightfoot quit the legal profession to found New York online restaurant reservation system www.foodline.com . The initial US$250,000 he and his business partner, chef Robert Thomas, raised from family and friends, was ramped up with US$13m funding from various trade partners and venture capitalists. But it seems that even this level of backing wasn't sufficient to keep foodline.com on its feet after the anticipated growth in demand failed to materialise.
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