Chilango to start expansion after smashing latest crowdfunding target

By Emma Eversham contact

- Last updated on GMT

Chilango co-founders Eric Partaker and Dan Houghton with Crowdcube's Luke Lang
Chilango co-founders Eric Partaker and Dan Houghton with Crowdcube's Luke Lang

Related tags: Finance

Mexican restaurant company Chilango is starting plans for rapid growth after smashing its £1m target in its latest crowdfunding campaign. 

The company's second round on Crowdcube closed yesterday at £3.4m, overreaching its original target by 343 per cent and seeing 1,500 investors acquire a 10 per cent shareholding in the business. 

Co-founder Eric Partaker said the power of crowdfunding had 'shown its might' once again for the group, which last year raised £2m through its Burrito Bon​d.

"We’ve now completed back-to-back, multi-million pound debt and equity raises on Crowdcube to fund our growth," he said. "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.”

Money raised through the campaign, which saw one person invest £400k, will be used to kickstart plans for expansion into 20 UK cities by 2021, which Partaker said would create more than 600 jobs. 

The company, which will soon open its 10th site in Soho, excited investors with its 'passion and high quality of its proposal' according to Crowdcube co-founder Luke Lang.

"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,” he said. 

Related topics: Business & Legislation, Restaurant

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