UK Pizza Operators Use Crowdfunding to Raise £400,000 For Two Pizza Shops
Three Joes now has 300-plus owners who met the company's fundraising goal in two weeks.
Three Joes is known in Fareham and Winchester, England, for its sourdough pizzas.
A trio of UK pizzeria owners looking to open new stores used crowdfunding to raise £400,000 in two weeks, according to the Portsmouth News.
Tim Hall, Emma Blackmore and Peter Bruton opened their first Three Joes restaurant in Fareham, England, in 2017. After opening a second one in Winchester, they decided to expand further south with two more stores.
To raise the capital, they turned to Crowdcube, a British investment crowdfunding platform headquartered in Exeter. Crowdcube allows entrepreneurs to raise funding from online investors who want to own shares in companies they believe in. According to Crowdcube’s website, they can invest as little as £10 or much more in a startup venture.
“It means regular people can invest small amounts in local businesses and own a percentage of it,” Hall told the Portsmouth News. “Usually, you would need one or two big lump sums from investors to open new sites, but this way everyone wins as people can have the chance to earn extra cash from it, and we get to bring our pizza to more people.”
Hall and his partners were taken aback when they hit their £400,000 goal within two weeks. “We were not sure if we would raise all of it and thought even if we raise a hundred thousand or so, that would go a long way to helping us, so to have raised more than that in such a short space of time is really incredible,” Hall said.
As of January 29, Three Joes’ Crowdcube campaign had raised £453,830 from 308 investors.