$75,000 invested

41

Investors

Complete

Status

Funded on NextSeed TX

Term Notes ?

Interest Rate 16.00%
Maturity 30 months
Minimum Target $75,000 ?
View Key Terms

Jenna’s Asian Kitchen

Austin, TX

  • A "sophisticated take on... Pan-Asian Cuisine" according to the Austin Chronicle
  • Awarded 4.9 stars and declared "authentic and delicious" by Austin Food Magazine
  • 4 stars on Yelp based on 222 reviews, 4.6 stars based on 40 Google reviews
  • 2016 projected revenue of over $1.3 million
  • This investment will be secured by a blanket lien on all assets of the company

Investment Details

$75,000 invested

41

Investors

Complete

Status

Funded on NextSeed TX

Term Notes ?

Interest Rate 16.00%
Maturity 30 months
Minimum Target $75,000 ?
View Key Terms

Company Description

The critically acclaimed Jenna’s Asian Kitchen brings downtown dining to Northwest Austin. When you enter the spacious restaurant, you’ll find yourself enamored by its chic, rustic-modern design and the handcrafted wooden furniture. The striking interior sets the stage for tastefully arranged dishes drawing inspiration from all over Asia, served by a warm and friendly staff. Executive Chef, Jenna Choe, has crafted an upscale pan-Asian menu that appeals to a wide range of palates and has earned rave reviews from local food writers and critics.

The Austin Chronicle has described the restaurant experience as a “sophisticated take on Korean and Pan-Asian cuisine” serving “crowd-pleasers” and “beautiful plates.” Austin Food Magazine has described Jenna’s Asian Kitchen as “the upscale Korean and Pan-Asian cuisine North Austin has been desperately waiting for,” characterizing the atmosphere as “hip, zen-like” and the menu as “authentic and delicious.” Jenna’s Asian Kitchen was also recently voted “Favorite Austin Restaurant Opening of 2015” by Eater Austin readers.

Despite its sophisticated feel, Jenna’s Asian Kitchen is a family restaurant at heart. Its versatility makes it the perfect venue for a large family outing or an intimate dinner for two. With over 150 seats and a beautifully appointed private dining room, the restaurant can host small to very large parties. The menu is complemented by a carefully constructed wine and saké selection that continually draws a crowd in the evenings. With the addition of a full bar serving mixed beverages, Jenna’s Asian Kitchen will soon also satisfy the area’s need for a fun, classy bar scene.

Offering Summary

Issuer
JAK Restaurant, LLC ("Jenna's Asian Kitchen")
Entity Type
Texas limited liability company
Principal Office
12300 RR 620 N.
Austin, TX 78750
Securities
Term Loan Agreements
Offering Amount
$75,000
Ownership % Represented by Securities
0%. Investors will not receive any equity interests in the Issuer or any voting or management rights with respect to the Issuer as a result of an investment in Securities.

Use of Proceeds

Jenna’s Asian Kitchen is seeking to raise $75,000 on NextSeed. All of the proceeds will be used for the planning, construction and stocking of a full bar inside the existing restaurant, along with related short-term working capital. The bar will serve the fast-growing population of Northwest Austin, which currently lacks quality bar venues.

Key Terms

Minimum Investment
$100
Maximum Investment
Accredited investors: No limit
Non-accredited investors: $5,000
Interest Rate
16.00% per year, accrued monthly
Term
30 months
Payments
During the term, the Issuer will make monthly payments of principal and interest
Maturity
At the end of the term, the Issuer is required to pay the outstanding principal and accrued and unpaid interest
Prepayment
Prepayment in whole or in part may be made by the Issuer without penalty at the time of any scheduled monthly payment.
Security Interest
The Issuer will grant a security interest in all of its assets in favor of NextSeed for the benefit of the investors to secure the Issuer’s obligations under the Securities.

Total Payment Calculator

Principal Interest Rate Term Projected Total Payment*
16.00% 30 months $122

Months after Closing (starting with first full month)

* The projected payment for any given month indicates the cumulative amount projected to be paid to an investor after the end of that month, assuming the loan is not prepaid. This projection is an illustrative example only and may not reflect actual performance.

Bonus Rewards

Invest $100 or more

  • Invitation to the Opening of the Bar

Invest $1,000 or more

  • Invitation to the Opening of the Bar
  • $50 Gift Card

Invest $3,000 or more

  • Invitation to the Opening of the Bar
  • $200 Gift Card

Invest $5,000 or more

  • Invitation to the Opening of the Bar
  • $350 Gift Card

Invest $10,000 or more

  • Invitation to the Opening of the Bar
  • $350 Gift Card
  • A Cocktail Named by You
  • Personalized Nameplate at the Bar Seat of Your Choice

Business Model

Jenna’s Asian Kitchen specializes in traditional Asian comfort food, executed with modern panache. The versatile menu features cuisine from China, Korea, Japan, Thailand, Vietnam and beyond, all delivered with outstanding flavors and high-quality ingredients.

Jenna’s Asian Kitchen has streamlined take-out, delivery and catering services by partnering with reputable third-party vendors such as Eat Out In, Cater2Me and ZeroCater. The restaurant also hosts a popular series of tasting and pairing events dubbed the “Booze and Food Series,” which sells out every month. Jenna’s Asian Kitchen also works with a number of non-profit organizations like The Pond Springs Elementary School on fundraising campaigns that share a portion of sales with these organizations. These campaigns generate a tremendous amount of brand awareness and create regular customers for the restaurant, all while giving back to the community.

Currently, Jenna’s Asian Kitchen carries an extensive wine, saké and beer selection, and alcohol sales make up nearly 15% of gross sales. The restaurant’s goal is for alcohol sales to reach 25% of gross sales with the addition of a full bar and a mixed beverage permit.

Location Analysis

Jenna’s Asian Kitchen is located at 12300 Ranch Road 620 N, Austin, TX 78750, on a thoroughfare bordering Austin and Cedar Park that generates over 35,000 passing vehicles per day. The vehicle traffic is among the highest in the area.

In 2015, popular finance website NerdWallet ranked Cedar Park #1 on its list of best cities in the U.S. to start a restaurant, based on demand for new restaurants and local economic conditions. The median annual income in the area surrounding Jenna’s Asian Kitchen exceeds the national average by more than 50%, while the population in the same area is expected to grow almost 40% in the next 10 years. While many new restaurants have recently opened to meet surging demand, the area remains devoid of high-end options for non-sushi Asian cuisine aside from Jenna's Asian Kitchen.

In 2015, alcohol sales in the zip code inhabited by Jenna’s Asian Kitchen were up 23% compared to 2014. The 78750 zip code is one of the top growing zip codes in Austin for alcohol sales – number 7 out of 45 Austin zip codes with alcohol sales.

Source: Piinpoint

Leadership

Hyun-Jung “Jenna” Choe, Executive Chef and President

After graduating from Texas State University with a degree in interior design, Jenna originally explored a career path in design. Eventually her passion for food pulled her into a career in the restaurant industry. Jenna’s immediate and extended family members have owned multiple restaurants, where Jenna received most of her restaurant and food education. You could say that Jenna was destined to have a career feeding people.


Min Kwon Choe, Manager

Min comes from a family of entrepreneurs. He has lived in Austin for over 30 years and graduated with a BBA in Management at the University of Texas Red McCombs School of Business. He and Jenna have paired up to start and grow three successful restaurant concepts, learning invaluable lessons along the way that have contributed heavily to the success of Jenna’s Asian Kitchen.

History

June 2014
Commenced construction
March 2015
Opened for business
September 2015
1st installment of Booze and Food Series (sold out monthly since)
December 2015
Voted favorite new restaurant 2015 (Eater Austin)
March 2016
Brunch menu to be added
April 2016
Menu facelift and build-out of the bar begins
May 2016
Expected grand opening of the bar

January 19, 2017

Check out this New Bar!

We wanted to provide you with a quick update on our progress. The bar is coming along very nicely. We haven’t officially announced the grand opening, but it will happen soon.

We’ll be getting in touch again soon with invitations to the grand opening of the bar and look forward to seeing you all at Jenna’s very soon.

March 30, 2016

No sweat – Jenna’s successfully funded

Jenna’s Asian Kitchen raised $75,000 from 41 investors – this deal was fully reserved in 16 days!

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March 3, 2016

Jenna’s Asian Kitchen launches!

Jenna’s Asian Kitchen launched its NextSeed campaign to raise $75,000 to build a new bar in its popular restaurant.

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