Crowdfunding delivers for Chinese takeaway Zing Zing as it scoops £1.6m
London start-up's 457% overfunded round will be used to fuel “aggressive expansion” in the capital and nationwide
Zing Zing, the early-stage London Chinese takeaway service, has announced the completion of an oversubscribed £1.6m crowdfunding campaign on Crowdcube.
Originally targeting a £350,000 sum, 734 investors helped overfund the round by 457% in exchange for a share of 29.82% equity offered. The largest single investment was £200,000.
Founded by Josh Magidson in 2013, Zing Zing is seeking to disrupt the UK’s £1.4bn Chinese takeaway industry with a healthy and contemporary take on classic dishes.
The business currently operates out of two locations in Kentish Town and Finsbury Park, delivering to a database of 40,000 customers.
The funding will be used to finance “aggressive expansion” across London and the UK.
Magidson commented: “The success of the crowdfunding campaign has been astonishing. When we originally set the target at £350,000 we never thought we would end up with a record-breaking overfund.
“We want to lead the way in bringing quality Chinese food to the UK market and this investment will certainly set us on the right track.”