November 28 (SeeNews) - Croatian fast-casual restaurant chain Koykan said it has raised more than 1.0 million euro ($1.05 million) to finance its expansion abroad.
"Our Series A round has just closed. We have reached our goal and have successfully raised over 1.0 million euro to spread our operations to Germany and Austria,“ the company said on its Linkedin page on Wednesday.
Out of the total amount, Koykan raised 705,000 euro on the global equity funding and trading platform Funderbeam, above its minimum target of 400,000 euro, according to data published by the platform.
The company said earlier it plans to expand to Germany's Munich by opening up to eight company-owned stores there, to Austria's Vienna by opening up to six company-owned stores, and to open up to 20 franchised stores in at least those two EU markets.
The restaurant chain was launched by local food products company Planets Group some 10 years ago.
Currently it operates five fast-casual restaurants in the Croatian capital Zagreb and aims to operate more than 50 new stores by the end of 2025.
The Zagreb-based unit of Funderbeam, Funderbeam South-East Europe, was established in 2016 as a 20:80 joint venture of the Zagreb Stock Exchange (ZSE) and Estonia's Funderbeam Ventures to provide cross-border services to investors and startups. In 2020, the ZSE raised its stake in Funderbeam South-East Europe to 30% from 20%.
($ = 0.955 euro)