Sourced Market, the all-day dining offer at London’s St Pancras, has exceeded its £750k target on crowdfunding platform Crowdcube as it aims to open two new sites in Marylebone and Victoria next year.
Led by Ben O’Brian and Dan O’Neil, its St Pancras site serves 12,000 customers a week, producing net annual revenue of £2.9m and Ebitda of £372k.
Following its success the company acquired two more London sites but reached out to its customers on its website to help fund its growth via Crowdcube. It is offering an 8% interest bearing mini-bond as it looks to expand with more sites. So far 192 investors have pledged £750.5k, meaning it is “overfunding” with five days left, although the company has set a maximum target of £1.5m.
Sourced Market was founded in 2007 where its founders took the concept around festivals and events around the UK, from village fetes to the Olympic Games. It now focuses on an all-day dining offer and views the likes of Pret, EAT, Benugo, Bills, Le Pain Quotidien and Carluccio’s as its competitors.