Just two weeks after Zing Zing’s latest Crowdcube round secured its initial £500,000 funding target, the UK-based Chinese takeaway has surpassed £650,000 and has announced the funding found may close early. In its latest update, the company stated:
“Hope everyone is having a great festive period. It has been an overwhelming first half of the campaign – reaching almost 130% in a very short amount of time. We are just waiting on a few exciting investors, who have expressed strong interest, before we consider closing the round. Should we continue it into the New Year we will most likely hold an investor event in early January. Enjoy the next few days – make sure to leave room for Chinese food in 2018!”
As previously reported, Zing Zing was founded by Josh Magidson. The takeaway 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 company also 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.
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