PROVIDENCE – Feast & Fettle, a meal prep and delivery service, has reached its minimum capital goal in its crowdfunding capital campaign with MicroVentrues, the company announced Wednesday.
“We have exceeded our minimum fundraising target and still have 13 days of our campaign remaining. We’re excited to have over 100 investors contribute and join us on our mission at making dinner time less stressful for families and working professionals,” said Feast & Fettle CEO and co-founder Carlos Ventura in a statement.
Ventura previously said the delivery service’s goal is $250,000 to fund the renovation of a 2,600-square-foot commercial kitchen in East Providence. Currently, the company continues to operate out of the shared commercial space available at Hope & Main, where it launched in 2015.
The crowdfunding round size in which Feast & Fettle is operating provides a fundraising platform with a $50,000 minimum and $300,000 maximum.
As of Thursday morning, the company had raised over $51,000 from over 100 investors. The minimum investment in the campaign is $100.
In a filing accompanying the terms, the company said it would allocate 93.5 percent of funds to the kitchen build-out if the minimum is raised, which amounts to $46,750 and 40 percent to the build-out if the maximum was raised, which is equal to $120,000.
In the maximum fundraising scenario, 6.5 percent would go to the intermediary of the deal, 8 percent would go to general marketing, 25 percent would be allocated for equipment purchases, 15 percent to future wages and 5.5 percent would be allocated for general working capital.
The offering is being made through the intermediary First Democracy VC.
Feast & Fettle currently employs 10 people.