Dessert franchise Cowch has turned to crowdfunding to raise the money to open two or three Cowch Gelato Bars. The funds raised will also help the business purchase equipment for its production kitchen and improve efficiencies at its Cowch Dessert Cocktail Bars.
Cowch founder and managing director Arif Memis announced the crowdfunding initiative with a video on LinkedIn.
Keen investors have three weeks to make an expression of interest, and then two weeks to commit funds.
Memis told Franchise Executives “For the first time in Australia, private companies like Cowch can access Equity Crowdfunding and allow anyone to invest in young and high-growth companies easily.
“Our customers and ambassadors have been spreading the word of Cowch for years – and we see equity crowdfunding as an opportunity to involve everyone that has gotten us this far while raising the capital we need to accelerate our growth to take the brand to the next level.”
Crowdfunding will help bring new gelato bar concept to life
The new gelato bar concept will fit a smaller, 700-100sqm footprint than the four existing dessert stores. It’s an inline store business model for either strip shopping or malls and costs between $250,000 and $500,000.
Memis told Franchise Executives “We have signed our first lease at South City Square, Woolloongabba and its due to open in April 2023.”
Cowch started its dessert journey back in 2014 after Memis, a former Sydney mortgage broker, relocated his family to Brisbane to begin a new career in hospitality.
In addition to the chain of stores, Memis created a production facility to create the frozen desserts.
