Just a little over a year and a half after securing more than £1.5 million through its first equity crowdfunding campaign on Crowdcube, Chinese takeaway Zing Zing has returned the funding portal and quickly secured its initial £500,000 funding target from more than 200 investors.
As previously reported, Zing Zing was founded by Josh Magisdon and it 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. At the time of Zing Zing’s first Crowdcube round, 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.”
The takeaway has also attracted some heavyweight investors and board members, including 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. The company now claims:
“We have 4 units in London.Our revenue in 2016 was £1.23m with EBITDA of -£300k (including a £93k spend from our last Crowdcube raise). We have seen sales grow by 75% to October & and are profitable at a store level since October. There are shareholders loans in the business.”
All funds from the latest Crowdcube round will be used to continue Zing Zing’s expansion. It is currently set to close mid-January.