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Daisy Green blasts through just launched crowdfund target to £880k

Award-winning Aussie group, Daisy Green is announcing its first ever equity raise, which has already raised significantly more than its £500k target - £887k from 107 investors so far - since launching publicly on Crowdcube at noon today.

The funds raised will be used to accelerate expansion, with the business having grown from humble street food beginnings in 2012 to a collection of nine chic cafes across Central London today.

Investors will qualify for Enterprise Investment Scheme (EIS) tax relief and the offering is expected to be heavily oversubscribed. In addition, investors will receive attractive in store rewards including free coffee and brunches, cocktail parties and for top investors, business class flights to Bondi (Sydney).

Daisy Green has pioneered informal Aussie-style cafe culture through its nine highly individual sites across London which range from two Sir Peter Blake designed floating barges in Paddington, to their latest, Scarlett Green in Soho, one of the hottest new openings in London.

Each site displays original art to create its unique ambience and sites include works by emerging and established artists such as Louise Dear, Shuby, Paul Robinson and the ‘godfather’ of British Pop Art, Sir Peter Blake.

The combination of their signature flat whites, all day brunch (voted amongst the best in London by Time Out, Evening Standard, GQ), healthy Pan-Asian evening dinners and signature cocktails has established a distinctive position in the vegan/vegetarian/paleo markets as well as building a strong social media following (25k+ Instagram followers). They are regularly cited as one of London’s best vegan restaurants (Conde Nast) and best paleo restaurants (Vogue).

Founded in 2012 by Australian entrepreneur Prue Freeman and her husband Tom Onions, the independent business has grown revenues at c.85% per annum over the last four years with the fundraising set to enable them to open in thriving areas such as Canary Wharf and London Bridge.

The business, currently 100% owned by the founders, raised a £775k bond through Crowdcube in 2015 which was oversubscribed within 24 hours. In 2017, their ‘Bondi Bond’ became the first ever to be repaid as part of a £3.25m refinancing by Oaknorth (City A.M Bank of the Year 2017). The duo has opted to return to the crowd to raise equity for the first time citing their desire to remain close to their customers.

The funding is highly anticipated not least because the company has sector leading financials including a run rate site EBITDA of £2m that is a rarity for crowdfunding. A number of serial restaurant entrepreneurs are also expected to invest.

Targeting a £500k minimum fundraise, the group are currently achieving run rate revenues of c. £10m with site EBITDA margins at around 20%. The business plan forecasts growing to 17+ sites with revenues of £25m plus within four years. Multiple sites have been identified and the business will continue to concentrate on its proven approach in central London.

Investors in the equity raise stand to benefit from highly attractive EIS tax benefits as well as great rewards at Daisy Green cafes, including a pair of business class flights to Bondi (Sydney) for top tier investors. An investment of £10 will pick you up a free flat white whereas for £10k you’ll receive a coveted ‘Black Card’ entitling you to free coffee everyday as well as five brunches and four dinners.

Co-founder Prue Freeman said, 'Following the success of the Bondi Bond, our bondholders and customers have consistently approached us to buy shares in Daisy. We’re delighted today to finally be able to say “yes” and take them with us on the next stage of our journey.'