Vegan restaurant operator Stem + Glory has proved that investors still have appetite for restaurant businesses after reaching an online funding target in less than an hour.
The company set out to raise £40,000, adding to £200,000 already raised in grants and capital contributions, for its new Covid-secure site at the prestigious CB1 development in central Cambridge.
It smashed that mark in the first 60 minutes and the inward investment for the round currently stands at more than £80,000.
“Our supporters have backed us from the beginning helping to turn the business into what it is today. Stem & Glory is a community owned business and our 1000 strong investor community have stuck by us all the way,” said founder Louise Palmer-Masterton.
Ms Palmer-Masterton took the enforced closure during lockdown as an opportunity to look critically at the business and to think about its future in a post-Covid world.
During lockdown, she developed a new business model which now spans in-store dining, delivery, click & collect, and a ready meal and product range designed by Afroditi Krassa, which is also the designer on the new Cambridge site.
“We are on a mission to disrupt both the world of plant-based food and the traditional hospitality model. Our new omnichannel business model is not only innovative, but will also help pave the way for healthier and more conscious ways of living,” she said.
The current funding round is due to close at midnight on 5 October.