Going a different direction when it comes to its latest funding round, Crowdcube alum and Italian Wine Cafe, Veeninvest Ltd. (trading as Veeno) has launched a Funding Tree campaign to raise £150,000 for seven new locations.
Veeno is described as a chain of premium Italian wine bars offering family-produced Sicilian wines and Spuntini – Italian appetisers for sharing. Two business management graduates, Nino Caruso and Andrea Zecchino, started the company back in 2013 and it is notably considered the UK’s first recognized Italian Wine Café brand.
The company shared:
“The chain is uniquely positioned in the food and drink market: neither restaurants nor wine bars, the cafés offer a balanced mix of premium quality Sicilian food and drink. There is growing confidence in the company’s brand and its new take on Italian dining; a recent equity raise of £200,000 will pave the way for the opening of new sites to develop the chain’s national presence.”
To support the growth strategy and the opening of the new cafes, Zecchino and Caruso are now seeking to supplement the £200,000 equity investment with a £150,000 loan investment. With the addition of the new locations, Veeno’s total number of cafés will rise to 10 in 2015. The company’s long-term goal is to have 80 stores UK-wide by 2018 with operating revenue in excess of £13 million.
Other items that the funds will be used for are:
- Refurbishment (builders work, plumbing works, decorations and painting, flooring and ceilings, contractor management fees)
- Fit out (design features, counter works, signage)
- Equipment and furniture (includes chairs and tables, shelf units, catering equipment and ventilation equipment)
- Other (solicitor costs, recruitment fees and marketing)
Veeno’s Funding Tree campaign is set to close at the beginning of August.
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