Mexican restaurant chain Chilango has secured £2.16 million from 749 investors into a ‘burrito bond’ created via the Crowdcube crowdfunding platform.

It is the largest figure to be raised on Crowdcube, the previous biggest amount being £1.97 million ploughed into Hab Housing last year.

On average, investors put £2,900 into the deal, while the largest single cash figure was £50,000. Investors came from places as diverse as Cornwall and Scotland, although 82 per cent hailed from London and the South East.

Eric Partaker, co-founder of Chilango, said the benefits went far beyond money. The funding has raised awareness of the brand, he said, and created paths to engagement with a host of new loyal customers.

“The bond has been a massive success; we not only raised the capital we needed to open our next batch of restaurants, but have also created 749 brand ambassadors to support our growth.

He added: “Debt options for SMEs in Britain have expanded in a major way, and it was delight to help spearhead this new and exciting route to funding.”

As well as the 8% interest p.a., investors receive a variety of benefits including two free burrito vouchers to all those that invest and a VIP bondholder party to the first 100 investors.

In addition, the 102 people that invested £10,000 or more will receive Chilango Black Cards entitling them to a free meal per week for the duration of the bond.