MJMK surpasses £1m crowdfund target
The restaurant group behind Casa do Frango and Santiago Lastra’s KOL launched a crowdfunding campaign on platform Crowdcube this week to raise funds for further growth, including a second concept with the Mexican chef. Its target was £1m and the group has already exceeded this, having raised nearly £1.2m.
The group raised £732,000 prior to launching the campaign and has already received these funds and issued shares. It has indicated that up to £600,000 may be spent while the pitch is live.
The funds will allow MJMK to open Casa do Frango in Victoria this summer and also open a new venue with chef-partner Lastra, building on its partnership with the chef.
The company reports that total gross profit across its five sites was £12.3m in FY22. KOL and Casa do Frango London Bridge generating over £100,000 average weekly sales. Company EBITDA was £1.2m in FY22.
“Crowdfunding through Crowdcube is a great opportunity to raise funds for growth and bring more trusted people into our valued MJMK community,” said MJMK co-founder Jake Kasumov on the launch of the crowdfund.
“Plans are under way to open a new restaurant with chef Santiago Lastra, meaning his creativity and talent can be enjoyed by even more guests. We’re also excited to bring Casa do Frango to more neighbourhoods across London. Our goal is organic and sustainable growth, happening for the right reasons, and crowdfunding will enable us to do this."
