It’s one thing to be a foodie, and it’s another to be a foodie who also owns a restaurant. Until recently, it was hard to be both. Prequel, a new restaurant pop-up complex powered by DC-based EquityEats, is the first business in the District to take advantage of new equity crowdfunding laws allowing all DC residents to invest for equity and perks in a local business. Previously, only accredited investors (six-figure income earners and those with a net worth exceeding $1 million) could invest in businesses this way, but DC is now among a dozen other states to allow equity crowdfunding.
What this means is that people can become owners of Prequel for as little at $100. The perks increase the more a person invests, but even the $100 investor gains exclusive access to preview nights for new pop-ups at Prequel with discounted ticket prices. Prequel plans to run up to five restaurant, bar, or bakery pop-ups at one time, cycling out every month or so to keep the space fresh for guests.
As the first of its kind for this type of fundraising, it is encouraging to see that Prequel has already raised a considerable amount of money just two weeks after being open for investments. Almost 190 DC residents have become Prequel investors, with investments ranging from $100 to $25,000, completing 70% of the company’s $200,000 goal. Two weeks of fundraising remain.
Local investors have been attracted to Prequel for a variety of reasons. It is hard to argue that it is not a unique concept (which is especially attractive to ever-adventurous food and beverage enthusiasts), and Prequel re-opens the 17,000 square-foot National Union Building at 918 F Street NW last occupied by LivingSocial. Prequel promises to be a one-of-a-kind dining experience and a formidable launch pad for up-and-coming chefs to showcase their talents and most innovative new concepts. Prequel will house up to five coexisting culinary pop-up concepts, as well as a bar/speakeasy. Prequel will bring talented chefs together for the most astute and adventurous food lover.
Learn more about the opportunity to invest in Prequel by visiting PrequelDC.com, where they provide more detailed information about the project (the concept, their financial projections, etc.) and their progress toward the funding goal.