Chinese cuisine take-out business ZingZing is using crowdfunding to fuel its ambition to dominate the UK's £1.4b Chinese take away industry.
The company, which was launched by entrepreneur Josh Magidson in 2013 after selling his start-up business Eatstudent to JustEat, has busted its target of £350,000, raising £411,620 from over 230 investors since launching its bid on 12 April on funding site Crowdcube.
ZingZing aims to use the funding to fuel the next stage of its store roll out. The company, which already has two outlets in North London, plans to open further stores which it says is part of a wider plan to "dominate the London market" and expand throughout the UK . It proposes to open one new take out venue in 2016 in London, another three in 2017 and four new venues each year thereafter.
ZingZing offers traditional Chinese takeout dishes, wok-cooked to order, with a modern and healthy twist, as well as its own dishes, created by executive chef and director Jeremy Pang, Chinese chef and owner of The School of Wok in Soho.
ZingZing's board directors include a number of well known hospitality industry names including Mark Schlagman, operations director and former retail and restaurant operations manager at The London Trocadero, John Harrison, who runs businesses which own Malmaison and Hotel Du Vin, Jamie Barber, who founded and co-owned Villandry and Japanese restaurant Sake No Hana and Maurice Abboudi, former Domino business development director and founder of Pizza Lupa group, which sold to Firezza in 2015.
The company has based its crowdfunding pitch on the rising demand for takeaway food in the UK which grew by up to 10% last year and the public's increasing demand for restaurant quality takeaway food. Using Las Iguanas and Cote's sale value in 2015 as an example, Zing Zing predicts the business, which could move to a franchise model, will be worth over £22.5m by 2020.
Writing on the Crowdcube site this week Magidson said: "The last 24 hours have been a bit of a whirlwind. The pitch was at 70% of the target early yesterday morning (25 April) and we are now overfunding. It is a great endorsement of the brand and our business plan. Thanks to everyone for all the support to date.
He added: "There is still a lot of excitement amongst some interesting potential investors that we have been speaking to. We have therefore decided to keep the pitch open to enable them to still invest. We are still having internal discussions over exact targets and timelines for the overfunding period, but all money raised will be invested in growing the product and brand."