Australian restaurant group Daisy Green has smashed its £500,000 target in its first equity raise after launching on Crowdcube at noon today.
The company offered previous investors in the business through its 2015 ‘Bondi Bond' scheme, also conducted through Crowdcube, on Friday afternoon. So far Daisy Green has raised £886,970 from 103 investors.
The cash injection will be used to accelerate the expansion of the company, which launched in 2012 as a street food operation by Australian entrepreneur Prue Freeman and her husband Tom Onions.
Daisy Green today operates nine cafés across Central London, including two Sir Peter Blake designed floating barges in Paddington and its latest site, Scarlett Green in Soho.
Each venue displays works by emerging and established artists such as Louise Dear, Shuby and Paul Robinson, as well as the ‘godfather' of British Pop Art, Sir Peter Blake.
Investors will qualify for Enterprise Investment Scheme (EIS) tax relief and receive attractive in store rewards including free coffee and brunches, cocktail parties and for top investors, business class flights to Sydney.
The independent business has grown revenues at around 85% per annum over the past four years with the fundraising set to enable Daisy Green to open in sought after locations such as Canary Wharf and London Bridge.
Targeting a £500,000 minimum fundraise, the group is currently achieving run rate revenues of around £10m with site EBITDA margins at around 20%. The business plan forecasts growing to more than 17 sites with revenues in excess of £25m within four years.
Daisy Green raised a £775,000 bond through Crowdcube in 2015, which was oversubscribed within 24 hours. Two years later the ‘Bondi Bond' became the first to be repaid as part of a £3.25m refinancing by Oaknorth.
The company founders indicated that they have opted to return to crowdfunding in a bid to remain close to their customers.
Freeman commented: "Following the success of the Bondi Bond, our bondholders and customers have consistently approached us to buy shares in Daisy. We're delighted today to finally be able to say "yes" and take them with us on the next stage of our journey."