UK-based Chinese takeaway Zing Zing surpassed 900,000 through its latest equity crowdfunding round on Crowdcube. The campaign was launched in November and quickly secured its initial £500,000 funding target. The company then extended the funding round for an additional two weeks.
As previously reported, Zing Zing was founded by Josh 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.”
The company also reported that it has four units in London and revenue in 2016 was £1.23 million with EBITDA of -£300,000 (which includes a £93,000 spend from Zing Zing’s last Crowdcube raise). Zing Zing also noted that is has seen sales grow by 75% to October and are profitable at a store level since October.
All funds from the Crowdcube round will be used to continue Zing Zing’s expansion. The campaign is currently set to close next Wednesday.
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