Zing Zing raises £1m+

11th January 2018

 

Zing Zing, the north London-based Chinese takeaway concept, has closed its campaign on the Crowdcube platform, after raising more than double its original £500,000 target. The company, founded by Josh Magidson, who sold his startup business to Just Eat in 2010, has raised the funds for further expansion in return for an 8.68% equity stake. In total, 1,016 investors pledged £1,215,430 and the campaign has now closed.  The largest single investment was £140,000.

 

The company claims: “Zing Zing is revolutionising the £1.4bn Chinese takeout industry by offering Chinese cuisine with a modern and healthy twist, cooked fresh to order and delivered fast. We have four units in London. Our revenue in 2016 was £1.23m with Ebitda of minus £300,000 (including a £93,000 spend from our last Crowdcube raise in 2016). We have seen sales grow by 75% to October and are profitable at store level since October. There are shareholders’ loans in the business. The UK home delivery market is worth an estimated £6.1bn and grew by 11% last year, yet we estimate no one brand accounts for more than 1% of it – it is exceptionally fragmented. Our flagship Zing Box meal is hugely popular, with 38,000 sold in 2016. We see 70% of delivery orders come through our online platform and we now have a database of 55,000 customers.”

Magidson reported record trading on New Year’s Day, with 880 orders taking c£18,000.