Aussie coffee and food group Beany Green has closed its Bondi Bond 38 days early, raising £800,000 via Crowdcube in just under a week.
As reported by FEJ earlier last week, the firm had launched the bond to fund its ambitious expansion schedule, but the response was so strong that it has hit its target with more than a month to spare.
Just over 220 investors rushed to back the Bondi Bond, investing an average of £3,500 each into the Aussie independent. The combination of solid historical revenue growth, rare early profitability and an attractive 11% interest rate drove investors to step up their ticket sizes and get on board early, according to the chain.
The fundraising was the first opportunity for investors to get involved with the group, which had to date been privately funded by the founders Prue Freeman and Tom Onions.
In the first 24 hours alone, the Bond smashed through its £300,000 target, with an additional £500,000 of investment following swiftly thereafter.
Freeman said: “The speed and size of investment from our loyal customers and the crowd has been very overwhelming and extremely humbling. It’s so exciting to now have more than 200 enthusiastic supporters on board with us for the next stage of the journey.
“As announced last week, we will use the £800k investment to help fund our expansion to two additional prime central London locations in 2016. We are committed to creating truly individual destinations with real personality, great coffee and art and big bold healthy food.”
Since 2012, Beany has grown from a 1985 Ford Transit on the streets with KERB to five very individual central London locations including Broadgate Circle, Paddington, Marylebone, Regent’s Place and the Southbank. The business creates almost everything in house, fresh every day.
It is generating run rate revenues of £3m per annum and EBITDA (post central costs) of around £400,000 which it expects to increase to £1.1m by April 2018.