Urban Greens raises $200K from investors for grocery store

URBAN GREENS Food Co-op will open a grocery store at 93 Cranston St. in Providence.
URBAN GREENS Food Co-op will open a grocery store at 93 Cranston St. in Providence.

PROVIDENCE – Since launching a request for community investment on May 1 to help raise $600,000, Urban Greens Food Co-op has raised $206,000 from 45 individual investors since the beginning of June.

“We decided to do a very targeted, public campaign for four weeks, go really hard and get as much as we can,” Corey Auger, chairperson of Urban Greens Food Co-op, said Tuesday.

The company had raised more than $100,000 throughout the month of May and matched that month’s earnings by mid-June.

The Co-op’s Community Investment Campaign is registered as a direct public offering in the state of Rhode Island – which means any resident of the state, including non-accredited investors, have the opportunity to financially invest in their neighborhood by supporting a community-owned grocery store.

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The campaign offers investors Series A preferred stock publicly, with a minimum of a 2 percent annual return.

The future home of Urban Greens Food Co-op will be 93 Cranston St. in the West End, the site of the old Louttit Laundry building. The full-service retail grocery structure will be 8,000 square feet.

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