Chilango’s Burrito bond closes at over £2m

By Melodie Michel contact

- Last updated on GMT

Left to right: Chilango co-founders Eric Partaker and Dan Houghton, and Crowdcube's Luke Lang
Left to right: Chilango co-founders Eric Partaker and Dan Houghton, and Crowdcube's Luke Lang

Related tags: Finance

Mexican chain Chilango has closed its crowdfunded Burrito Bond after collecting £2.16m of investment – over twice its original goal of £1m.

This is the largest amount ever raised on crowdfunding platform Crowdcube.

The brand extended its initial fundraising deadline​ at the beginning of August after seeing a £250,000 surge of investment in its last week. By that time it had already exceeded its initial target of £1m​.

The mini-bond campaign attracted 749 investors, who will get 8 per cent gross interest per year over a four-year term.

The average amount invested was approximately £2,900, with the largest investment at £50,000.

While 82 per cent of investors live in London and the South East, Cornwall and Scotland were also represented.

Women made up 22 per cent of the number, investing £500,000 between them.

Other investor benefits included two free burrito vouchers and a VIP bondholder party to the first 100 investors.

The 102 people that invested £10,000 or more will receive Chilango Black Cards entitling them to a free meal per week for the duration of the bond.

The funds raised will help open Chilango’s next three venues, including Camden High Street and Soho.

Speaking to BigHospitality​ earlier this month, co-founder Eric Partaker explained that any leftover funds would be used towards further openings in 2015.

He added that the company’s first mini-bond experience​ had been ‘sensational’.

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