Koykan Capital opens investment platform to fund franchise network expansion

Koykan, a Zagreb-based restaurant chain founded in 2012, has opened its Koykan Capital investment platform to the wider public, with investments starting at €5,000. According to an announcement reported by Croatian newspaper Večernji list on 28 October, the aim is to raise €10 million by mid-2027 to fund further growth. For those following Croatia’s franchise market, the key connection is between this funding and the expansion of restaurants which, according to Koykan, are built and operated to a consistent franchise standard.

More than €2 million in investor interest, but not all paid in

Before its public launch, the platform was available exclusively to existing investors for a month. According to the published figures, more than €500,000 was invested during that period, while several major investors who have followed Koykan from the outset indicated plans to invest a further €1.6 million.

This distinction matters: more than €2 million in expressed interest does not mean the full amount has already been raised. The published figures include both completed investments and indications of future investment. Progress towards the €10 million target therefore needs to distinguish between funds actually received and anticipated capital.

Koykan also says that more than 500 investors have so far invested over €4 million through its bonds, with regular coupon payments. That figure describes its previous bond financing, not money raised during the new platform’s first month. These are different forms of financing and should not be conflated when assessing the new model.

Three investment models with different objectives

Koykan Capital offers three investment options: financing new restaurants, acquiring stakes in existing restaurants, and taking an equity stake in Koykan itself. Although all three are linked to the growth of the same brand, they differ in where the capital is deployed and how returns are expected to be generated.

Under the first model, investors finance the construction of new restaurants. They are expected to earn a return when an established restaurant is sold. The published target is to return 1.5 to two times the amount invested over 18 to 30 months. This is a stated investment objective, not a verified result or a guaranteed return.

The second model involves part-ownership of restaurants already in operation. Investors are offered a share of their profits, with a target annual dividend of 8–12%. This range is also presented as a target and should not be read as an unconditional promise of payment.

The third option is an equity stake in Koykan, intended to fund growth across the group. In the published plan, this route is linked to a possible future stock market listing. Potential investors need to distinguish between a stake in an individual restaurant and a stake in the company developing the wider network.

Franchise standards underpin expansion

Koykan was founded in Zagreb as a healthy fast-food chain and, according to the announcement, now operates in several European markets. The new platform is intended to finance further expansion in the DACH region — Germany, Austria and Switzerland — and elsewhere in Europe.

The connection with franchising is explicit: Koykan says every restaurant is built and operated to the same franchise standard. It presents this approach as the basis for replicating its business model at new locations. The focus of this announcement is therefore not an individual opening, but a financing model intended to support the rollout of standardised restaurants.

For the franchise community, it is useful to distinguish between two roles. The platform’s published options concern investment and part-ownership; they do not, in themselves, amount to taking on the day-to-day running of a restaurant. Before making a decision, interested parties should clarify who manages the location, what rights their investment provides, and how decisions about profits or the sale of a restaurant are made.

Germany, fund investment and a stock market listing remain next steps

The platform is launching in Croatia and, according to the announcement, is expected to open in Germany within the following three months. Access for international investors is planned through an investment fund in the Netherlands. These are planned steps to broaden access to capital, not confirmation that they have all been completed.

The wider development plan has three phases: Koykan’s own investment platform, investment from a major fund within 18 to 36 months, and a stock market listing. No specific date has been given for the final step. The nearest measurable target remains raising €10 million by mid-2027.

Practical points for interested investors: before investing, check the contractual terms, ownership rights, costs and exit options. Target returns are not a guarantee of profit, and expressed investor interest is not the same as capital already paid in.