Takeaway firm Zing Zing has appetite for growth following fundraising
The group has raised £548,450 on Crowdcube, well above its half a million pound target with 23 days still to go.
Zing Zing, the London based Chinese takeaway firm backed by a former Goldman Sachs executive, has smashed its latest funding target as it looks to finance ambitious growth plans.
The group, which has four stores in the capital, has raised £548,450 on Crowdcube, well above its half a million pound target with 23 days still to go.
Zing Zing, which is valued at £5.85 million, has now secured over £2 million following a £1.6 million fundraising last year.
Founder Josh Magidson told the Press Association that the money will be used to bankroll further growth.
The entrepreneur is aiming to have 28 takeaways up and running by 2021 as the firm aims to hit £33 million in sales.
“We want to dominate the London market.
“This year we’re on track for over £2 million in sales, double 2016, and we’re growing fast,” he said.
Mr Magidson has an appetite for takeaway companies, having sold a website he set up at university to Just Eat for half a million pounds before going on to work for the now FTSE 100 group.
He then went on to launch Zing Zing in 2013, which specialises in “clean, high quality, wok fresh” Chinese takeout delivered in under 31 minutes.
The four stores the company currently operates include two sub-brands, ZZ Green and Bun & Bubble.
Zing Zing boasts an array of high profile investors, including the former boss of Goldman Sachs International, Michael Sherwood, Cabana founder Jamie Barber and former Domino’s Pizza executive Maurice Abboudi.
The company will have offloaded a 35% stake via Crowdcube following the latest funding round, but Mr Magidson said that this will likely be the final equity raise.
“We’ll look to grow in future through debt or organically.
“I wouldn’t rule an IPO (initial public offering) out at some point, but only once we’re big enough.”