USA | Popular Mexican QSR chain CHI-CHI'S has announced a new plan to relaunch the brand through regulation crowdfunding.
As CHI-CHI'S, the iconic Mexican chain restaurant, gears up for a 2025 comeback, Michael McDermott, the founder's son who has the restaurant rights to CHI-CHI'S, announced his plans to offer the public a stake in the brand's relaunch through Regulation Crowdfunding (Reg CF).
Utilising StartEngine, a leading alternative platform that allows everyday investors to invest in startups, collectibles, and other alternative assets, The chain has invited investors of all backgrounds to have a seat at the table.
This latest news follows last year's announcement of the return of the brand. In his decision to pursue crowdfunding, McDermott aims to allow the public to grow alongside CHI-CHI'S from the ground floor. The brand is looking to raise USD3.5 million with a minimum investment of USD 250.00 in exchange for equity in the brand.
"The enthusiastic response to our announcement about bringing back the brand was overwhelming – greater than I ever anticipated," McDermott said.
"Millions of former customers and thousands of former employees were buzzing about it on social media, sharing fond memories of their experiences. I want to engage with the CHI-CHI'S community as much as possible with the comeback. This opportunity is open to eligible investors in accordance with applicable securities laws, and anyone who contributes is playing a pivotal role in the future of the brand."
Funds raised through this offering may be used for CHI-CHI'S highly anticipated planned expansion, subject to business needs and discretion. The first restaurant is scheduled to be opened in Minnesota this year, converting Rojo Mexican Grill in St. Louis Park to CHI-CHI'S. Investors will be part of an early-stage expansion strategy with both company-owned and franchised opportunities, as the restaurant chain plans to continue its relaunch within the Midwest and East Coast.
Founded by Michael McDermott, the restaurant chain is a recently founded company revitalising the iconic CHI-CHI'S restaurant, which proudly served the Minneapolis community for 28 years. With a mission to deliver high-quality, value driven meals in a modern and lively atmosphere, the group is poised for success in their relaunch to the full-service dining industry.
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