Vegan Food Hub, parent company of plant-based burger business, Soul Burger, has launched a crowdfunding campaign, hoping to fuel its local and international expansion plans.
After launching as a physical store in 2015, Soul Burger now comprises four locations, with stores also hosting two other digital-only foodservice brands – Plantas Taqueria and Zaynas Lebanese – which according to Vegan Food Hub (VFH) have experienced over 70 percent growth in weekly revenue since their inception.
“We are wholly plant-based, multi-brand and built to thrive in the delivery-driven restaurant industry,” VFH’s crowdfunding profile, hosted on Birchal, reads.
“We aim to build plant-based restaurant concepts across the most popular delivery-driven cuisines, ranging from Indian to ramen.”
The profile says that the four Soul Burger sites and eight additional digital-only brands generate over $3 million in annual sales.
According to founder Amit Tewari, VFH has seen a rise of 30 percent in group revenue over the past 12 months, and the VFH app, where orders can be submitted, has attracted 33,000 members.
“Our vision by 2029 is 40 restaurants around Australia through a combination of our brands and an ASX listing to fuel international growth,” he said.
In an email sent to its database on 24 May, VFH said “Our approach is to first trial the brands as delivery-only concepts, and if they prove successful, build physical restaurants for them (and host delivery versions of our current brands, or trial new concepts, in their kitchen). This way we can create (up to) five in one restaurants at each location, and rapidly scale our brands.”
At the time the email was distributed – within 24 hours of the opening of the crowdfunding campaign – VFH had attracted $230,670 from more than 100 investor registrations.
Learn more about Soul Burger’s evolution and why Tewari sees crowdfunding as an effective means of raising capital in our podcast below.