Zing Zing crowdfund hits £1m mark

London-based Zing Zing Chinese takeaway brand has hit the £1m mark in its crowdfunding campaign to open its fifth restaurant.

With two days left, the Crowdcube page

The brand, backed by TV chef Jeremy Pang, was founded by Josh Magidson in 2013 after he sold his start-up business Eatstudent to JustEat.

Since then, it’s opened four sites in Highbury & Islington, Kentish Town, Kensal Rise and Elephant and Castle following a successful crowdfund in 2016 which raised £411,620 from over 230 investors.

In 2016 Zing Zing’s revenue was £1.23m with EBITDA of -£300,000 which includes a £93,000 spend from the last Crowdfund.

Posting on the Crowdcube page, Magidson said: “It's been a fantastic round and overwhelming from our end. The biggest private question we have received from prospective shareholders has been ‘I live in x, we don't have a great Chinese takeout here - when will we get a Zing Zing?' It really validates the reason we launched the business and the potential for growth.”

Rewards for investors include discounts on food, baseball caps, chopsticks, hoodies, free launch party invitations, cookery classes with Pang, an all you can eat buffet and a private dinner cooked at home.

ZingZing eyes major expansion after raising £400,000 in crowdfunding >>

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