Member Article

Mexican food chain Chilango triples six-figure crowdfunding target

London-based Mexican food chain Chilango has closed its second round on Crowdcube, having secured £3.4m in backing.

The money will fund Chilango’s expansion plans that expect to see five-fold growth by 2021 and creation of around 600 jobs.

The campaign target was originally £1m which Chilango smashed that in 11 days, overfunding by 343 per cent to secure £3,433,010. The 1519 people who invested received an 8.72% equity stake, with the largest investor putting in the significant sum of £300,000.

Eric Partaker, co-founder of Chilango: “Once again the power of crowdfunding shows its might. We’ve now completed back-to-back, multi-million pound debt and equity raises on Crowdcube to fund our growth.

“People love the buzz and immediacy of crowdfunding and nothing beats letting our guests and fans support and profit from our success. More power to the people!”

Luke Lang, co-founder of Crowdcube adds: “As before, Chilango has excited investors with the passion and high quality of its proposal and Eric Partaker’s video pitch particularly grabbed people’s attention as it was so vibrant. Also, the company is backed by a lot of top execs from high profile brands in the hospitality sector and that’s always reassuring for our subscribers.”

The new equity round will kick start Eric Partaker’s and Don Houghton’s strategy to open up in 50 locations across 20 UK cities by 2021, a five-fold increase on the ten restaurants currently operating around London. It also plans to introduce international franchises, starting with Dubai in the Middle East. This will generate about 600 new jobs.

This was posted in Bdaily's Members' News section by Ellen Forster .