Street Feast parent company London Union has successfully raised £2.5m to build what it described as a world-class, flagship street food market in central London, alongside 12 local markets across the city by 2020.
Though it is still seeking to raise a further £1m through private investment, the group says the funds will help it begin development. Over 160 individuals invested through the Seedrs crowdfunding platform across a 30-day period, with investments ranging from £5,000 to £20,000.
London Union’s street food markets were visited by more than 300,000 people over five months this spring and summer, generating £3.5m of revenue and £1.5m of market EBITDA. As many as 1.5 million people are expected to visit London Union markets in 2016.
The new markets will each have an individual identity. There are also plans for markets in North America, notably in Philadelphia, and elsewhere in Europe.
London Union co-founder Henry Dimbleby said: 'The success of our fundraiser means we are well on the way to transforming London’s food landscape. We’ve already set a date for our first investor’s dinner and for the Annual General Eating in July, where we’ll eat, drink, listen and vote together on important company decisions.'
Fellow co-founder Jonathan Downey added: 'The support we’ve received has been phenomenal. At the outset we wanted a relatively small number of highly engaged investors to take a real interest in our business and we have achieved that in just 30 days. It’s great to think we are now one step closer to creating the world’s greatest food market in central London.'
When fully raised, the £3.5m investment will represent an 11.86% stake in the business. The company is backed by an advisory board of founder investors including Nigella Lawson, Jamie Oliver, Yotam Ottolenghi, Russell Norman from the Polpo group, and Soho House’s Nick Jones.
Image: Tom Bowles