Red Mango Inc. is looking to add some toppings to a new round of funding as potential franchisees turn to the frozen yogurt chain amid recession-related unemployment woes. A regulatory filing shows the company has secured $1.2 million of a round targeting $8 million.
Chief Executive Dan Kim confirmed the company is seeking $8 million, but declined to say how much has been secured to date.
“We may not need it, but $8 million was the number the board came up with,†Kim said. “It’s what they’re comfortable with us raising.â€
Founded in 2002 in South Korea, Red Mango opened its first U.S. store in July 2007 in Los Angeles and has since grown the operation to 54 stores. Kim said the company will expand to 70 stores by the end of the year and will add 100 more in 2010.