With less than 24 hours until its Crowdcube campaign comes to an end, Chinese takeaway Zing Zing has successfully captured over £1.2 million from 600 investors.
Zing Zing, which was founded by Josh Magisdon, offers up Chinese cuisine that has a modern and healthy twist. Each meal is cooked fresh and has no monosodium glutamate (MSG) and is notably delivered fast (average time was 32 minutes in 2015). Both of the company’s North London units have generated £1.05m of net turnover last year.
The takeaway also has other heavyweight investors and board members, which includes Jamie Barber, restaurateur and founder of Brazilian barbecue chain, Cabana; Maurice Abboudi, former Domino’s Pizza executive and founder of Pizza Lupa group, which sold to Firezza in 2015; and John Harrison, formerly of Malmaison and Liberty’s.
Magidson stated:
“We wanted to change the Chinese takeout industry for the better, using high quality ingredients with the speed and service of a tech start-up. London’s restaurant scene has exploded over recent years, but take-outs and deliveries are still lagging behind in terms of quality and style. This Crowdcube campaign will unlock our next phase of growth, funding new stores across London, before we expand across the UK.”
Funds from the campaign will be used for new sites in Kilburn and Sheperd’s Bush. Magidson previously revealed to the media outlet that he is also looking to expand the business beyond London in the next three years.
“Chinese takeaway is loved across the UK so this could work anywhere. We may look overseas.”
Among those who have pitched in on the funding round was reportedly vice chairman of Goldman Sachs and the co-chief executive officer of Goldman Sachs International, Michael Sherwood.
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