Forthcoming "pop-up megaplex" Prequel—the first company to take advantage of D.C.'s new equity crowdfunding rules—surpassed its goal to raise $200,000 in less than a month. A total of 338 D.C. residents invested in the project, which will host as many as five restaurant and bar pop-ups at once in the former LivingSocial event space at 918 F St. NW. Nearly half of the backers gave $100 (the minimum allowed), although investments were as high as $10,000.
Prequel comes from the team behind crowdfunding platform EquityEats, which offers restaurant investors profits, rather than just perks. Restaurateurs and chefs seeking funds through EquityEats will be able to use Prequel's facilities to showcase their food and drinks to potential investors and the public. Others unaffiliated with EquityEats will also be able to host pop-ups there.
According to Prequel, the 338 investors come from all four quadrants of D.C. and range in age from 18 to 70 years old. The average investor age is 37-years-old. Prequel claims it's raised more money for a single campaign than anyone else in the country taking advantage of an intrastate crowdfunding exemption.
Prequel is hoping to open by April, but there's no news yet about which chefs and restaurateurs will be involved in the first wave of pop-ups.
Photo courtesy Douglas Development