Investors pounce for a piece of Chilango as owners set £1m target

Eric Partaker and Dan Houghton, founders, Chilango

Chilango is on course to raise £1m in crowdfunding, which it will use to finance a five-fold expansion of its business over the next five years.

The burrito chain currently operates 10 sites, but it aims to reach 50 restaurants by 2020, including the launch of its first international franchises.

The company is working with Crowdcube to raise investment and has already secured £670,000 with more than three weeks of campaign still to run. It is offering equity of 3.26% as part of the financing.

180 individual investors have bought into the chain’s vision so far, with the largest single injection of cash worth £85,000.

Chilango was founded by Eric Partaker and Dan Houghton in 2007. They worked together at internet telephony firm Skype but decided to venture into the foodservice market after struggling to find good Mexican food in London.

The pair quit their jobs in the City and toured a number of Mexican cities for culinary inspiration. They also travelled to Chicago, Los Angeles and San Francisco, home to three of the largest Mexican communities in the USA, meeting everyone from street vendors to high-end restaurants before returning to the UK to launch the business.

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