A vegan fast-food restaurant chain has set out to raise £400,000 and open new locations across the UK.
Vegan Shack currently has two sites in Manchester and London after being established in a one-bedroom apartment in Salford Quays in early 2020.
Now valued at over £1m, the company has raised more than £162,000 through its new Crowdcube campaign, with over 70 investors backing the business so far.
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Vegan Shack has a target of £180,000 for its crowdfunding campaign while it is seeking to raise a total of £400,000 within the next six months.
Dimeji Sadiq and Saffron Mir opened their first site in Collyhurst and a second eatery in Piccadilly Gardens in June 2021.
In a message to investors on the company's Crowdcube page, Mr Sadiq said: "The next phase of our growth is focussed on running our own stores but we wouldn't be against exploring franchising opportunities in the future.
"Our belief though is that it is better to properly establish a brand and make sure new stores can be opened smoothly and brought to profitability quickly before looking at franchising.
'Therefore we’re looking at initially expanding to major UK cities predominantly via walk in stores though we may have some dark kitchens also.
"We also have plans for a food truck to be able to pop up for events and festivals."
On any future fundraising, he added: "So far we've been able to open stores relatively cheaply and we’ve had a profitable first quarter (£21,000) and so we don't envisage there will be a need for funding merely to sustain the business from hereon.
"That said, as we expand, we might want to increase the rate of expansion or, if it makes commercial sense, look to bigger or more central locations which may require additional funding."
The company has been financed by its co-founders up to this point while they also received a £5,000 grant as a winner of Uber Eats Black Business Award in 2022.
Before founding Vegan Shack, Mr Sadiq was part of Hot!Mess Clothing’s founding team while his business partner worked in retail sales.
In a separate message to investors, the pair said: "We're proud of everything we’ve done – by ourselves and bootstrapped. But we know with investment we can achieve so much more.
"Vegan Shack is already successful and we’re in proven growth. Starting out and growing has been a massive learning curve and we’ve learnt so much – and we’ve shouldered the biggest risk period of the early days.
"We're now ready and ready to go and set to grow! Join us as we take over the takeaway industry with our tasty bites that are better for the people and better for the planet."
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