What to learn from Goiko Grill

We will then analyze the history and success factors of the Goiko Grill Restaurants chain, a business developed by Venezuelan entrepreneur Andoni Goicoechea in Spain.

Background

• Goiko Grill was created in 2013 in Madrid by a young Venezuelan who only served 30 years, Andoni Goicoechea.
• Medic of profession, Andoni emigrates from Venezuela to Spain by the difficult economic situation of the country.
• Starts his first burger restaurant with a loan of 55,000 euros that gave him his father.
• Its concept was that of gourmet burgers directed to the audience “millennial”, so when it began to become fashionable as a gastronomic trend in Spain.
• In 2015, Goiko produced 2.5 million euros among all restaurants. A year later, it was 8 million.
• During 2017, the brand left Madrid to expand in Barcelona, Valencia, Alicante, Seville, Murcia, Zaragoza, Malaga, Almería and Salamanca. All initial growth was developed by reinvesting own funds.
• The financial muscle that required the growing operation was enormous, so in 2017 they also sold an 80% share, for about 150 million, to the venture capital fund L Catterton, owned by multinational Louis Vuitton (LVMH), Andoni preserves 20% of the shares and continues to exercise as CEO.
• In 2018 they come to an agreement with "Just Eat" to distribute their burgers at home. The demand grew more than 50%.
• Brand management, marketing and corporate image is directed by the sister of Andoni Goicoechea, Daniela.
• In 2018 at the 10th anniversary of the National Marketing Awards, Goiko Grill was a winner in the Startups and Pymes category.
• This year 2022, Goiko Grill, a recent winner of the Hot Concept al Casual Dining, opened 8 new restaurants in Spain, and expect to add 12 new restaurants between Spain and France.

Success factors

1. We can summarize that the very well-defined concept of the business and its target audience, as is a gourmet hamburger, supported by the quality of its inputs, menu and services.
2. Innovative and effective digital marketing, giving great focus to the customer experience, and that all of this is the basis of your brand on social networks.
3. The financial bridge with a VC fund was fundamental to the expansion of this chain, which contributed to the closing of the year 2021 about 92 restaurants, which give direct employment to more than 1,800 people.
4. To all this, a new business strategy is added, inspired by “food trucks”, which was born in March 2022, and is present in the major musical festivals in Spain and France, which complements the coherence of a growth strategy.