As part of the run up to our 30th Anniversary of EIS Celebration event, we are shining the spotlight on success stories of businesses that have grown using the Enterprise Investment Scheme (EIS) or the Seed Enterprise Investment Scheme (SEIS).
These stories demonstrate why it is so important for us to celebrate and support the schemes so they can continue to boost the UK start up ecosystem.
Critically acclaimed and endorsed by Beyoncé: how this Nigerian restaurant was funded using the SEIS
We spoke with Chuku’s founders Ifeyinwa and Emeka Frederick to learn more about how they used the Seed Enterprise Investment Scheme to grow their Nigerian restaurant into a success story.
How important has SEIS/EIS funding been to your startup?
“SEIS funding has been crucial for our startup.”
“Back in 2016, we recognised there was a gap in the market in London’s food scene. Despite the richness of the city’s food culture, most Londoners couldn’t think of a restaurant where they could experience West African cuisine. And so we started our pop-up – Chuku’s – the world’s first Nigerian tapas restaurant.”
“At the time, we had ambition, courage and innovative idea, but limited experience of the hospitality industry. So, we operated as a pop-up as we immersed ourselves in the industry and built a Chuku’s community.”
“After seeing success with the pop-up, we knew it was time to open a brick and mortar restaurant as a proof-of-concept site.”
“As we sought to make that transition, fundraising was a significant hurdle. SEIS assurance was critical in mitigating investor risk, making it easier to secure the necessary funds despite our limited experience.”
“This funding enabled us to move forward with our brick-and-mortar concept, proving vital to the success we have had to date.”
How much did you raise and from who?
“Using SEIS, we raised around £100k in a friends and family round, which might be more accurately described as a friends, family, and friends-of-friends round.”
What has SEIS/EIS investment enabled you to do?
“The SEIS investment enabled us to open our proof-of-concept site, showcasing Nigerian cuisine and culture 365 days a year.”
“From our SEIS funded site we have garnered critical acclaim from the Guardian and Evening Standard, captured media attention, including features in Vogue, the Financial Times, and BBC Radio 4. And we’ve also been endorsed by Beyoncé.”
“Having a permanent site has also allowed us to strengthen our brand community, now with a 40,000+ digital following, and be named one of the Top 50 restaurants in London by Time Out for two consecutive years.”
“It’s also enabled us to collaborate with renowned brands such as Honest Burger and Yard Sale Pizza, and develop a corporate catering arm in response to demand from clients like Tinder, Meta, and the Ted Lasso PR team.”
“Over the last 4.5 years Chuku’s has had significant traction from our permanent site, and the SEIS investment was pivotal to us achieving that milestone in our journey.”
How are you changing the world?
“Our mission is to positively reframe the way the world thinks about Africa, starting with something everyone loves, food.”
“With our Nigerian tapas concept, we’re giving diners the opportunity to experience Nigeria’s diverse cuisines and cultures without needing a passport. Our trademarked slogan “Chop, Chat, Chill” sums up the Chuku’s experience – with Chop being Nigerian slang for eat, showing that Nigerian food is at the heart of what we do.”
“Our Nigerian tapas sharing plates concept has been crafted to invite diners to explore Nigerian culture. With a menu that is 50% vegan, 90% gluten-free and completely halal, it’s inclusive for a variety of dietary preferences.”
“We are also of Nigerian heritage, so Chuku’s is rooted in cultural authenticity. And with Nigerian art on our walls and Nigerian music always on our speakers, the Chuku’s experience goes beyond food to immerse diners in Nigerian culture.”
“To date, we’ve welcomed over 50,00 diners to explore Nigerian cuisine with us, including Hollywood actress Gabrielle Union. With 60% of guests unfamiliar with Nigerian food before dining with us, Chuku’s provides a much-loved space for cultural exploration and celebration, both for those unfamiliar with Nigerian culture and those from the diaspora.”
Want to discover more EIS and SEIS success stories like this one?
You can read more stories of how businesses have grown using the schemes here. If you are a founder and would like to share your EIS success story, please contact us here.
Learn more about the 30th Anniversary of the EIS event
