In 2013 we raised $1.2MM in seed funding through a grassroots community investment campaign in which over 400 California residents purchased shares in our company. The community support and funding that came from that campaign helped us establish a credible position with property owners, financial institutions and key partner which, in turn, helped us reach our next critical milestone: securing a location for our store. With firm site control, we launched a second community investment campaign and raised an additional $500,000, bringing the total we’ve raised by selling stock to nearly $1.7MM from a total of 530 Founding Shareholders
The validation and positioning that we got from this community investment led us to raise $850,000 in grant funding, $970,000 angel investment for real estate and a $5.46M construction loan from two lenders. We used the $1.7MM we raised from selling stock to pay for a majority of development softs costs (Ie land acquisition, architecture, engineering, permitting) and some of the hard costs (construction materials and labor, equipment, site improvements). Now, with our store’s construction about 40% complete, we are conducting a third community capital campaign to increase the total community investment to $2.5MM. The additional $800,000 raised from this campaign will be used to fund critical working capital needs including starting inventory and operating reserves to pay our suppliers, payroll expenses and operating expenses until the business breaks even around its third year of operations.
If you live in California and want to purchase shares and become a Founding Shareholder in the entrepreneurial solution we’re creating for the nutritional and social wellbeing of West Oakland families, please follow this step-by-step process:
Step 1 – Offering Memorandum
Also known as a Prospectus, the Offering Memorandum has been prepared in accordance with the California Department of Business Oversight’s disclosure requirements and contains important information about our Company and investment offering. It is important that all prospective investors fully review this document prior to purchasing shares in order to understand the terms and risks of this offering. Click here to read the Offering Memorandum.
To invest in our Company you must meet certain requirements. The minimum investment is $1,000 for unaccredited investors. If you want to invest more than $2,500, a questionnaire must be completed online or by mail. Financial assistance is available to qualifying West Oakland residents. Click here to access the questionnaire.
Step 3 – Qualification Notice
After we review your questionnaire and verify that you qualify to invest, we will send you a notice by email with instructions for completing the Subscription Agreement described in Step 4.
Step 4 – Subscription Agreement
This is a legal contract for the purchase of shares in our Company. It sets out the terms that both parties agree to and requests certain information from you such as your residential address, email address, date of birth, tax ID number and signature. Click here to complete the Subscription Agreement.
Step 5 – Payment
The last step in becoming a Shareholder is to pay for the shares that you are purchasing through your Subscription Agreement. You can pay by check or money order.