On Saturday, UK-based Chinese takeaway Zing Zing announced it was extending its latest equity crowdfunding round on Crowdcube. The company sought to raise £500,000 and has so far secured more than £750,000 from over 600 investors. While sharing details about the campaign’s extension, Founder of Zing Zing, Josh Magidson, stated:
“Since late December I have received a large amount of requests from potential investors to extend the pitch deadline for a short amount of time. Many have found that the festive period and holidays have disrupted their investment timetable. This includes a few large investors from our previous round. With this in mind we have decided to extend the round for at least another week and at a maximum two weeks after the deadline (although management will be looking to close the round as soon as possible). This will also enable us to hold another investor event, which is in high demand.”
Zing Zing was founded by Magidson and 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 generated £1.05 million of net turnover in 2016. Zing Zing raised more than £1.5 million through its first Crowdcube round from 702 investors.
“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.”
All funds from the latest Crowdcube round will be used to continue Zing Zing’s expansion. It is set to close at the end of January.
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