Monty's Deli smashes crowdfund target for the second time

By Georgia Bronte contact

- Last updated on GMT

Monty's Deli smashes crowdfund target for the second time

Related tags: crowdfunding

Salt-beef sandwich specialist Monty’s Deli has smashed the £150,000 target for its Crowdcube fundraiser with 17 days still left to go.

It has currently raised £151,490 from 179 investors.

The Jewish deli-inspired restaurant launched the campaign on the investment crowdfunding platform on 27 July, having previously financed the opening of its first bricks-and-mortar site through a Kickstarter campaign, which was also overfunded.

It will be using the funding to finance a planned nationwide expansion. It will start its expansion with three London sites before expanding across the UK.

Monty’s has confirmed that one of its London openings will be at the Victoria Market Halls development in October, after which it hopes to launch at Market Halls’ Oxford Circus site in February.

The money raised will be used to pay for equipment, staff and training, a van to transport produce from the existing Hoxton kitchen to all other sites, and to develop part of the restaurant into a retail section for development of a product line.

Owned by founders Mark Ogus and Owen Barratt, the business currently operates a site on Hoxton Street and a site in the Kitchens development in Old Spitalfields Market.

In October 2016, Monty’s launched its first public crowdfunding bid for £50,000, reaching one fifth of its target within 48 hours. By the November deadline it exceeded the target, raising £52,086 from 789 backers.

Related topics: Venues

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