Updated 30/12: Grind has capped its crowdfunding initiative at £2 million. The business now appears to have hit that goal via 1370 investors and having given away 10% equity. Owner David Abrahamovitch told Eater London:
We’re delighted to have hit our funding cap of £2m. This really secures our expansion plans for the next few years, and gives us the funding we need to continue to opening our own Grind restaurants and power our expansion into airports and train stations with our new franchise partners SSP.
Everyone here at Grind is blow away by the support we’ve had from our customers and the crowd, and we can’t wait to get cracking on the next phase of our growth in 2018!
Just four days into their crowdfunding initiative, speciality coffee and cocktail company, Grind, have shattered their £750,000 target. At the time of writing, the business has raised £1,545,090, or 206% of their investment goal, giving 7.91% equity to 994 investors.
The page suggests that the business might have been given a favourable head start: “Grind has received £221,480 of investment from precommitted investors which may be spent whilst the pitch is live. This investment is included in the progress bar above.”
The company, founded on Old Street roundabout in Shoreditch, in 2011, now operates nine sites across London. The crowdfunding initiative, launched on Thursday last week, is part of a roll-out plan, in partnership with SSP (travel hub operator and facilitator) to open 10 further sites in the next five years.
Commenting on the rapid success of the crowdfunding campaign to date, the company, which is run by David Abrahamovitch, said:
“This has been an incredible week for all of us at Grind, and we’ve been overwhelmed by your response to the announcement that we'll be expanding into airports and train stations with our franchise partners SSP... we've been utterly blown away by your support...
“But we won't be closing investment just yet - allowing those of you we've spoken to, and those we haven't, to keep investing. Now we are overfunding, we will use this to accelerate our growth plans and open more Grind's across London - faster.
“With that said, it’s unlikely the window to invest will remain open for the full 30 days as planned.”
Given the over-investment and the likelihood of the pledged monies to increase yet further, it is thought the company will look to open more than the planned number of new sites.
Stay tuned for further details when the company updates their investors.