UK-based Chinese takeaway Zing Zing is set to close its latest Crowdcube funding round with nearly £1.2 million in funding. The funding round was launched last month and quickly secured its initial £500,000. The campaign has since been extended in order to attract more investors.
Zing Zing was notably founded by Josh Magidson. The takeaway now offers Chinese cuisines that have a modern and healthy twist, with each meal being cooked fresh and has no monosodium glutamate (MSG) and is notably delivered fast. Both of Zing Zing’s North London units reportedly generated £1.05 million of net turnover in 2016. 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.
Zing Zing raised more than £1.5 million through its first Crowdcube round from 702 investors. The company 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.”
All funds from the latest round will be used to continue Zing Zing’s expansion and growth. It is set to close later this evening.
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