Pan-seared Hudson Valley foie gras with tiger stripe figs by Honeysuckle, a popup at Prequel.
You might not know that you can invest $50-$5,000 in a restaurant thanks to DC-based startup EquityEats. Immediately following a successful crowdfunding campaign, investors receive 100% of their investment amount in food & beverage credit to the restaurant so they can try out their restaurant. Investors also receive additional credits every year based on the performance of the restaurant. Current projections on the Prequel investment page show investors receiving an additional 20% of their investment every year.
In February, EquityEats successfully raised $200,000 for Prequel under a DC law which allowed any District resident to invest. The campaign marked the highest amount raised in the intrastate equity crowdfunding model at the time. In September, EquityEats announced that they have enhanced their fundraising model to allow anyone — regardless of location or income — to invest in startup restaurants. No longer constrained by state-by-state allowances, the company can now work with restaurants and investors across the country.
Prequel DC is an 18,000-square-foot restaurant incubator space where multiple chefs can house their own pop-ups before opening up their own restaurants. A testament to the concept’s success is one of Prequel’s first popups, Bluebird Bakery: Owners Tom Wellings and Camila Arango recently raised over $400,000 ($100,000 more than their original goal) while serving the city’s best handmade croissants and La Colombe coffee on Prequel’s first floor Monday through Saturday.
Dramatic fare from Jolene’s Nick Sharpe.
Prequel’s current crowdfunding campaign has already reached 90% of its $50,000 goal through existing investors. New investors will join the existing community of 326 investors in supporting the District’s most dynamic chefs and help Prequel open a new “Old-Fashioned and Manhattan bar” on the fourth floor of the building. In addition to a return on your investment, Prequel investors get exclusive invites to pop-up previews, discounts, special private event pricing and other benefits of being an owner. The campaign closes on Friday, so make your investments this week.
Currently, Prequel is home to three other concepts raising money on EquityEats. BFF: Burgers Fries Forever, a fantastic gourmet burger concept by Scott Hoffner; Jolene, a contemporary French small-plates restaurant by Nick Sharpe (former Executive Sous Chef for Michael Mina Group); and Honeysuckle, Hamilton Johnson’s (former Executive Chef at Vidalia) new concept focused on regional cuisine with a southern flare.
Prequel also boasts two bar concepts that have generated lively and loyal regulars: Brick & Mortar, a cocktail bar in the historic building’s basement, and 4th Floor Wine Bar, the city’s best kept wine bar secret. (For full menus and hours of operation for the different concepts, visit PrequelDC.com.)
The guest experience at Prequel is oriented toward engaging the people behind the food who often remain a mystery in other restaurants as they stay in the kitchen. At Prequel, guests are more than foodies — they’re trusted commenters and potential investors. Many of the investors in Prequel, Bluebird, and other concepts have shared that they love that they can be involved in these businesses rather than just frequenting them once they open. Investing in Prequel gives people additional insight into EquityEats’s DC restaurants as many of them will be showcasing their talents within the walls and floors of the pop-up complex.
This post is brought to you by EquityEats.
