Croatian restaurant chain Koykan seeks to raise 1 mln euro to expand in EU

"We are raising between 400,000 euro to 1.0 million euro at a 5.0 million euro pre-money valuation," the company said in a statement published on website of global equity funding and trading platform Funderbeam.

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 kick-start and open up to 20 franchised stores in at least 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.

So far, the company has raised on the Funderbeam platform 511,000 euro out of its minimum target of 400,000 euro, with 28 days left for investors to join the fundraising round in which the minimum investment is set at 250 euro, according to data published on Funderbeam.

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 OU 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%.

($ = 0.972 euro)