Tossed, the healthy food to go concept, is set to ramp up its expansion programme after securing a record crowdfunding raise.
Seedrs has said that the £1.27m the company raised is the highest crowdfunding equity raise for a food retailer. It was 169% of the £750,000 Tossed originally asked for.
In total 661 investors took part in the campaign with the company giving away just short of 9% equity in the business.
Finance director Neil Sebba told M&C that the company would now be talking to Santander about a refinancing deal before deciding on future plans.
He said: “It gives us a lot more headroom with the plan and gives us scope to talk to the bank about the refinancing deal.
“It gives us freedom and flexibility. An extra £500k is worth at least a couple of extra shops but in reality it’s probably more than that because we are also hoping to get more from the bank.”
Sebba praised the relationship with Seedrs and said an equity raise had always been the right move for the company, in comparison to the popularity of debt raises in the crowdfunding sector.
He said: “I think if you are offering someone a stake in your company it means you are talking to some quite serious investors and there is something quite powerful about asking people to join you on that journey. Borrowing off your customer base is not something I feel that comfortable with, but I appreciate it’s right for some people.”
