Update: HOP Vietnamese’s Crowdcube Round Surpasses £1.1 Million in Funding

HOP Vietnamese, a UK-based fresh food concept that is on a mission to showcase a “passion” for Vietnamese colorful food, culture, and street atmosphere, has successfully raised more than £1.1 million through its equity crowdfunding campaign on Crowdcube. The funding round was launched earlier this month and quickly raised its initial £750,000 funding target and has so far attracted 470 Crowdcube investors.

As previously reported, HOP describes itself as an exciting, quick service Vietnamese fresh food concept with 5 multi-format sites across the city of London ranging from 700 square feet “mini-HOPs” to a 3,000sqft “HOP Café.” The company further explained:

“Our flagship unit is based at the bottom of the Leadenhall Building (aka The Cheesegrater), we operate in all 3-day parts and have also established a strong delivery business catering for home/office/corporate orders.”

In terms of growth, HOP’s team stated:

“With FY 18/19 revenue at £3.8m (EBITDA -£0.7m), we have enjoyed a stable sales pattern on a daily, weekly and monthly basis which is also relatively unaffected by seasonality. We’ve strengthened the team this year, bringing in industry veteran Josh Wyse as co-MD and are in negotiations with one of the leading concessions operators about opening a number of HOPs in transport hubs across the UK. We’re are also in early-stage discussions with a “dark kitchens” operator to expand our delivery capabilities.”

Funds from the Crowdcube round will be used to roll-out of the HOP concept across London. The company is currently offering 9.13% in equity at a £9,118,421 pre-money valuation. The campaign is set to close at the beginning of February.

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