News

Da Lobsta launches Bolstr campaign

April 7, 2014

Da Lobsta, a Chicago fast casual restaurant that serves traditional New England lobster rolls, has launched a fundraising campaign on Bolstr, a marketplace where local businesses can access growth funding.

Da Lobsta hopes to raise $70,000, so it can add a Da Lobsta food truck to its two-store concept, according to a company press release that also stated that the chain earned more than $1 million in year one with its two locations at 12 E. Cedar and 131 N. Clinton at the Chicago French Market.

Besides New England lobster roll sandwiches, the chain also offers Lobster and Crab Spinach dip, Lobster Grilled Cheese, New England Clam Chowda, Lobster Mac-N-Cheese and Chopped Salads. Specialty lobster roll sandwiches, which can be made with lobster, blue crab or shrimp, include the Asian, the Mexican, the Greek and the Indian.

"We were first to the market by offering an upscale lobster roll product at fast casual prices, making it affordable for the masses," said J Wolf, founder and owner. "We knew Chicagoans love their lobster and there was pent-up demand for lobster served at an affordable price. We have solved the riddle as to how to do it really well at a reasonably low price point."

Da Lobsta has a large and dedicated Chicago following. A food truck will give the company more accessibility throughout the downtown and neighborhoods of Chicago, Wolf said.

Bolstr transactions are structured using a revenue sharing agreement. Da Lobsta's payout is said to be 1.25 times the initial investment or 4 percent of the revenue share, according to the press release. In exchange for an investor's upfront investment, Da Lobsta agrees to pay investors a percentage of its gross revenue on a monthly basis until the investors receive back the amount they put in plus a return on their investment.