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.
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.