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DC’s First Equity-Based Crowdfunding Campaign Gets Green Light

A year after new rules were written allowing DC entrepreneurs to collect up to $2M through crowdfunding, DC based crowdfunding platform EquityEats has gotten the go-ahead for a guinea pig, reports the Washington Post. Prequel, a 17k SF pop-up restaurant venue soon to come to the site of the former Living Social events space in Penn Quarter (above) is the first venture to be greenlit, with a campaign looking to raise $200k. EquityEats focuses on culinary entrepreneurs. Investors will collectively own 10% of the business and share 50% of the profits until initial investments are recouped, after which they’ll split 10% of the profits. Funders will also get perks like priority reservations, party invitations and free drinks, based on the size of their investment.