Exclusive: London food hall Mercato Metropolitano to raise £5m to fund international expansion
London street food market Mercato Metropolitano is aiming to raise up to £5m in a funding round in the coming months.
The firm, which this week announced it will open three new sites in the capital in 2021, will raise capital in the second quarter after its plans were delayed due to coronavirus.
Morning Wire understands that Mercato Metropolitano has institutional investors, landlords and high net worth individuals lined up to take part in the funding round.
It expects to raise between £3m to £5m, with the proceeds going towards recruitment to fuel its international expansion.
The firm will open a Canary Wharf site and a second market in Elephant and Castle this summer, followed by a new site in Ilford in the autumn.
By 2025, the company is aiming to open Mercato Metropolitano sites in Atlanta, Boston, Miami, New York, Berlin, Lisbon and Milan.
In total, the expansion is expected to create 2,000 new jobs.
Long-term plans are also in the pipeline for new markets in smaller cities across the UK and Europe to add to its current sites in Elephant and Castle and Mayfair.