Hawaiian Bros, the island-inspired restaurant concept, has launched a “Testing the Waters” campaign (the “TTW Campaign”) for its Regulation Crowdfunding offering (the “Offering”) on OpenDeal Portal LLC dba Republic (“Republic”), a private investment platform that provides access to highly vetted investment opportunities across a range of industries to both accredited and non-accredited investors.
The TTW Campaign, launched in September, has become the largest Regulation Crowdfunding “Testing the Waters” campaign in the platform’s 5-year history, with $2 million in reservations, the maximum amount that can be raised in this Offering. Hawaiian Bros expects the Offering to go live in the last half of October. Hawaiian Bros intends to conduct subsequent raises following the completion of this Offering. Investors may still join the waitlist for a chance to invest if room in this Offering becomes available, or in subsequent offerings.
Scott Ford, President of Hawaiian Bros, comments, “We decided to launch a Reg CF offering to allow passionate fans of our brand to participate in the robust growth we have planned for Hawaiian Bros. We are honored to have seen such an incredible response so far, and look forward to what this crowdfunding opportunity will bring to our ‘ohana.”
This initiative is part of the company’s plan to raise capital to fuel continued growth. The company’s average restaurant volumes of over $4 million rank amongst the highest in the QSR/Fast Casual space, based on a ranking of the top 50 limited-service restaurant brands by QSR Magazine. Trailing 12 months revenue through July 11, 2021 exceeded $33 million with 13 traditional locations and 4 ghost kitchens at the end of the period. By year-end 2021, Hawaiian Bros expects to have between 25 and 30 locations in six states (NY, IL, TX, KS, MO, OK).