London-based Mexican chain Chilango has exceeded its crowdfunding target by £1.5m, raising a total of £2.3m for the firm.
The Burrito Bond scheme, with a minimum investment of £500, offers an 8% return and various perks – such as a Chilango gift card with five free meals for those investing £1,500, and a ‘black card’ entitling the owner to one free burrito a week for the duration of the bond for those investing £10,000.
More than 100 of the 400 investors have put more than £10,000 into the pot. The money will go towards expanding the chain, which recently opened its first site outside the capital in Manchester.
Since exceeding the target, the firm has now extended the time limit on the bond offering to raise a new goal of £3m.
Co-founder Eric Partaker said: “While many casual dining chains have experienced difficult times of late, our quick-service concept has helped us post the best results ever in our 11-year corporate history, with positive like for like sales of 5.3% and all our restaurants profitable.
“The UK is riding a Mexican wave and Chilango looks forward to welcoming another round of investors and brand evangelists into the family.”