Sports Bra eyes national expansion with community funding
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Fans of The Sports Bra can now become owners of The Sports Bra. Photo: Amanda Loman/Getty Images
The Sports Bra, the Portland watering hole that put women's sports bars on the map, is eyeing a rapid expansion powered by community funding.
The big picture: Founder Jenny Nguyen is betting big that surging interest in women's sports can fuel the nationwide growth of such bars.
- The company released an investment pitch this week through Republic, an online investment platform that specializes in startups and cryptocurrency.
How it works: For a minimum investment of $250, patrons and fans can buy equity in The Sports Bra as the company seeks to raise $1.2 million.
- Five independently owned franchises are already in development — Boston, Las Vegas, Indianapolis, St. Louis and Portland, Maine.
- And there are plans to have 40 or more Sports Bras open within the next four years, including locations in major cities such as New York, Chicago, Miami, Dallas and San Francisco.
By the numbers: The original location brought in more than $1 million in its first eight months and now generates $25,000 in annual revenue per seat, per the company's investment pitch.
- The company projects revenues of $75 million from locations nationwide by 2030.
- That includes an estimated $2.4 million from a planned new location in Portland that will also serve as the company's headquarters.
- The fundraising effort had collected more than $250,000 from nearly 400 supporters as of Thursday.
Yes, but: Like any investment, there's no guarantee that buying in will turn into profit.
- Investors won't get dividends or voting rights unless the company is sold or takes on other financing, per the Oregonian.
- Anyone looking to invest should read the fine print on the agreement.
Between the lines: While the Sports Bra initially attracted mostly female and nonbinary patrons at first, some of the company's most loyal supporters are men who do not fit the bar's original core audience, Nguyen said.
- "Cis men are sometimes the most vocal about why they love women's sports," Nguyen told The Athletic. "They've become huge allies for spaces like ours."
The bottom line: "The gap between women's sports fandom and the places dedicated to celebrating it has created a tremendous opportunity in hospitality," Nguyen said in a promotional video.