Member Article

Takeaway entrepreneur smashes through £800k crowdfunding barrier with Zing Zing

North London Chinese takeaway startup Zing Zing has smashed through the £800k barrier and is now overfunding by 230% in its crowdfunding campaign on Crowdcube.

The brainchild of 30-year old entrepreneur Josh Magidson, Zing Zing positions itself as a new, modern take on Chinese takeaways, offering MSG-free, ‘straight from the wok’ flavours using fresh ingredients.

It has also registered the services of Chinese chef and School of Wok owner Jeremy Pang, who acts as the brand’s executive chef.

The up and coming takeaway brand had targeted an initial £350k in equity finance, but explosive demand, including backing from Michael Sherwood, vice chairman at Goldman Sachs, has saw over £800k invested in the Crowdcube campaign.

Zing Zing has already drawn in £1m in turnover from its two London takeaways last year, and is looking to use investment from its crowdfunding campaign to support further expansion across the UK.

At the launch of the campaign, Josh, who sold his previous venture EatStudent.co.uk to Just Eat for £500k, commented: “We wanted to change the Chinese takeout industry for the better, using high quality ingredients with the speed and service of a tech startup.

“London’s restaurant scene has exploded over recent years, but take-outs and deliveries are still lagging behind in terms of quality and style. This Crowdcube campaign will unlock our next phase of growth, funding new stores across London, before we expand across the UK.”

Zing Zing are looking to take advantage of the UK’s healthy appetite for Chinese takeaways which generated almost £1.4bn in sales last year and make up around 25% of the whole UK takeout market.