COLORS: Oakland

COLORS: Oakland

Oakland restaurant advancing livable wage opportunities in the industry

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Security Type
Preferred Stock
Categories
Food & Bev
Min Investment
$100
Location
Oakland, CA
Offering Date
April 21, 2020
Expected Close Date
July 10, 2020
Target Raise
$200.00K-$350.00K
Deal Notes

Price per Share: $0.50

$700K+ pro rata right threshold

Valuation
$2,000,000

Company Description

COLORS is a business & a social mission enterprise. It's an upscale restaurant, catering & events facility providing excellent AfroLatino cuisine & outstanding service while training hundreds of workers of color to advance to livable wage opportunities in the restaurant industry. As part of Restore Oakland, a community center based in the Fruitvale neighborhood, COLORS includes a server training program, an incubator to provide low-cost business support to people of color-owned entrepreneurs.

Perks

$250+ Exclusive invitation to our soft opening event!
$500+ Exclusive invitation to our soft opening event. First drink is on us!
$1,000+ Exclusive invitation to our soft opening event. Your meal is on us.
$10,000+ Exclusive invitation to our soft opening event. Your meal is on us. Plus, VIP tour of the entire building, and meeting the Chef and Staff.
$25,000+ Exclusive invitation to our soft opening event. Meal on us. Plus, VIP tour of the entire building, and meeting the staff, along with private tasting and insight on how the food and bar menu was developed.

Key Deal Facts

COLORS will be part of the Restore Oakland center, which is a community advocacy & training center that'll mobilize the Bay Area community.
Our restaurant nourishes the professional development of our staff & students with CHOW trainings & by placing graduates in equitable jobs.
The US food service restaurant market is expected to grow at a rate of 11.3% during the forecast period of 2018 - 2023.
Our partner org has already raised $16 million in capital for our building, which will house our restaurant.
We are at an advantage in that we are the landlords of our building. We are setting up roots to stay & nourish the Fruitvale community.
Our mission is to promote a just & dignified workplace in restaurants throughout the Bay Area and to build a strong restaurant industry.
We treat workers with respect and dignity and care about their well-being.

Use of Proceeds

If $200,000 is raised:

  • 5% Pre-opening expenses which include staff pay, the cost of food, cost of beverages, insurance, rent, soft openings
  • 3% on Development which includes the perfection of our food and cocktail menus
  • 20% operating capital for the first 2 months which includes wages, cost of food, cost of beverages, insurance, rent, overhead
  • 15% for FF&E [Furniture, Fixtures and Equipment] which includes some art, some kitchen appliances, and our POS machines
  • 51% first 2 years of operations

If $350,000 is raised:

  • 3% Pre-opening expenses which include staff pay, the cost of food, cost of beverages, insurance, rent, soft openings
  • 2% on Development which includes the perfection of our food and cocktail menus
  • 13% operating capital for the first 2 months which includes wages, cost of food, cost of beverages, insurance, rent, overhead
  • 10% for FF&E [Furniture, Fixtures and Equipment] which includes some art, some kitchen appliances, and our POS machines
  • 66% first 2 years of operations

Management Team / Advisory Board Bios

Saru Jayaraman - Founder
The Co-Founder and President of the Restaurant Opportunities Centers United (ROC United) and Director of the Food Labor Research Center at University of California, Berkeley. Graduate of Yale Law School and the Harvard Kennedy School of Government.

Maricela Gutierrez - General Manager
Mari has worked in the industry for many years. In those years, she has grown from being a cashier to a General Manager. She has seen many sides of the restaurant industry both that she loves, and that she wants to improve for workers.

Nelson German - Menu Developer
Chef Nelson German is a Dominican-American has trained countless hours in kitchens. He is the owner of Alamar and Sobremesa in Oakland, CA.

Michauxnee Kennan - Executive Chef
Michauxnee has been in the industry cooking delicious food for years, as the founder of The Busy Wife Catering. She was born East Oakland, and excited to be the Executive Chef of a restaurant so close to her heart and community.

Redwood Hill - Cocktail Scientist
Red has worked +15 years in the industry, and developed a deep understanding in creating delicious concoctions. Red also teaches one of our free job-training classes: Advanced Bartending.

Victor Oliver - Bar Manager
Victor has worked +10 years in the restaurant industry as a Bartender, Bar Manager and in menu development. He is deeply committed to worker-rights, and giving opportunities for folks to grow their careers in the industry.

Deal Notes

Price per Share: $0.50

$700K+ pro rata right threshold

Amount Raised : $29,511
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Security Description

Preferred securities are a type of investment that generally offers some sort of preferred treatment through a dividend or preferred treatment in a liquidation.

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