Mexican food chain Chilango has closed its funding round on Crowdcube at £3,433,010 topping its original target of £1 million. Chilango gained approximately 1300 new shareholders as the investors purchased an 8.72% stake in the firm. Crowdcube states the single largest investment during the equity crowdunding round was for £400,000. The new money will allow Chilango to expand with the expectation to open 50 new locations across 20 cities by 2021. Chilango believes over 600 new jobs will be created in the process.
“Once again the power of crowdfunding shows its might,” stated Eric Partaker, co-founder of Chilango. “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!”
Crowdcube co-founder Luke Lang said investor interest was driven by the specifics of the proposal and the names of existing shareholders;
“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.”
Chilango was found in the UK in 2007. Co-founders Eric Partaker and Dan Houghton saw a gap in the Mexican food market in the region and proceeded to launch the now popular restaurant chain.
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