With just one more week until its latest Crowdcube round comes to an end, Zing Zing has successfully secured nearly £715,000 from more than 500 investors. The funding round was launched just a little over a year and a half after the restaurant raised £1.5 million through its first equity crowdfunding campaign.
As previously reported, Zing Zing was founded by Josh Magidson. The takeaway restaurant currently offers Chinese cuisines that have a modern and healthy twist. Each meal is cooked fresh and has no monosodium glutamate (MSG) and is notably delivered fast. Both of the company’s North London units have generated £1.05 million of net turnover in 2016. 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.”
On Tuesday, Magidson reported that the company saw record sales for a single day (New Year’s Day) across the group. He revealed that in total the company made 880 orders and took circa £18,000.
All funds from the latest Crowdcube round will be used to continue Zing Zing’s expansion. The campaign is set to close next Wednesday.
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