Overfunded: Pi pizzeria surpasses £500k crowdfund target

The crowdfund, which the company is running to finance its London expansion plan, is now 116% funded, and is still open for investment.

Pi has also secured a £200,000 investment from a Chinese backer, in return for a 30% equity stake.

The restaurant opened its first site outside of Winchester last month in a Battersea site. It plans to open two more sites in the capital by 2020, at a rate of one per year.

It is targeting sites of between 50 to 70 covers that will require around £100,000 for refurbishment on top of lease premiums.  

Frankie & Benny’s co-founder Kevin Bacon is joining the restaurant’s board ahead of the expansion

The group opened its first restaurant two and a half years ago, serving 20 inch pizzas which can be split in half or thirds with different toppings. The dough is fermented for 72 hours, and diners can choose up to three topping combinations per pizza.

It is the brainchild of founder Rosie Whaley, who has a background in fashion but worked in pizza restaurants in Florence ahead of launching her project in the UK.

“We are delighted to be raising further funds to be underpinning the growth of this exciting business,” says Gary Robins, head of investment at Growthdeck.

“The new Battersea site is such a great launch pad for the planned London expansion.”