Last week, The Speakeasy concluded its equity crowdfunding round on WeFunder and raised a total of $472,500. As previously reported, after going live in 2014 in San Francisco, The theater show received raved reviews: every performance sold out. The co-founders decided to take their show to Wefunder three months ago.
The Speakeasy producer, general manager and co-founder David Gluck recently stated:
“We’re crowdfunding because so many of our fans – audience members, performers, even our banker and insurance agent! – were so in love with the first production that they wanted to help the new version thrive. This is an investment you can touch, you can sip, you can immerse yourself in, you can talk about and share with others. Check out our investor benefits. They’re intended to make you feel like big deal every time you come to visit us – and you are!”
Before the equity crowdfunding round, The Speakeasy secured nearly $1 million through a private placement under Regulation D. The show’s team created an interesting structure (0.1% net profit share per $5000 Series B Unit) and envisioned The Speakeasy performing in cities worldwide with each production becoming bigger and more exciting than the last:
“We want to blow peoples’ minds – give them an experience that defies the laws of physics, finance, and common sense. Ultimately, it’s all about pushing the boundaries of possibility in storytelling.”
Upon the campaign’s closing, Gluck shared:
“More than 8,000 people saw the first production of The Speakeasy, and we knew that many of them would love to get an opportunity to share in our success. The equity crowdfunding campaign allowed us to offer all of them that opportunity. Our goal was to raise something between $200,000 and $300,000, and in the end we raised considerably more. We are so appreciative of the support and hope that our investors become frequent visitors around the old joint.”
At 9,050 square feet, the show’s new home is almost three times the size of its former space, accommodating up to 250 patrons each night. The new theater features a two-story circular cabaret, as well as secret passageways and disguised entrances. The Speakeasy opens in previews this Friday, August 26th, with a ribbon-cutting ceremony scheduled to take place on Monday, September 12th. The show will open to the press on Thursday, October 13th, and continue in an open run.
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