Chilango raises £2m in ‘burrito bond'
London-based Mexican restaurant chain Chilango has raised over £2m from nearly 750 investors as its Burrito Bond fundraising scheme drew to a close.
The company offered investors 8% gross interest per annum for the four-year term of the bond, using fundraising website Crowdcube.
The average amount invested was approximately £2,900, with the largest investment at £50,000. People invested from Cornwall to Scotland but 82% of bond holders live in London and the South East.
As well as the 8% interest, investors receive benefits including two free burrito vouchers to all those that invest and a VIP bondholder party to the first 100 investors. In addition, 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 the next three Chilango restaurants. Chilango currently has seven sites on Upper Street, London Wall, Leather Lane, Chancery Lane, Fleet Street, Brushfield Street and Monument.
Eric Partaker, co-founder of Chilango said: "The brand awareness and engagement we created, together with Crowdcube, is simply off-the-charts. The bond has been a massive success; we not only raised the capital we needed to open our next batch of restaurants, but have also created 749 brand ambassadors to support our growth."
