Mexican restaurant group Chilango has almost reached its £1m crowdfunding target, just one day after launch.
The campaign, hosted by funding site CrowdCube, is already 66% funded, with £666,330 of investment currently pledged. Although the target has been set at £1m, speaking to Imbibe, co-founder Eric Partaker (pictured, left) confirmed that the company was hoping to raise closer to the £1.5m mark.
Chilango – which currently operates nine restaurants in London, with a tenth site due to open soon – is looking to expand to other major UK cities, with a minimum of 20 sites. Partaker confirmed they are also currently in talks with partners in the Middle East with a view to opening a site in Dubai.
The CrowdCube-hosted fundraiser comes a year after Chilango successfully raised £2.1m through mini-bonds on the same platform. The funds from this equity crowdfund, which will see it part with a 3.26% stake in the business, will be used to open the group’s next three sites.
'We have a solid base of London restaurants, and are now ready to expand the brand nationally as well as internationally,' he said. 'Our company is not yet producing enough of its own cash to grow at a rate that we would be happy with. But when we did our last crowdfunding campaign we were inundated with equity investment requests. The £1.5m from our new campaign will help us to open up our next three restaurants, while we continue discussions for our first international partnership.'
The latest fundraiser will allow investors to part with anything from £10 upwards. However the top investor will receive a five-day tour of Mexico City with founders, Partaker and Dan Houghton (pictured, right). The highest single investment currently stands at £85,000.