The Charlottesville social club that’s building a new multistory location in downtown Richmond is looking to bring in some extra cash.
Common House, which opened its first club in 2017 near the Downtown Mall in Charlottesville, this week opened a $3.5 million capital raise, per SEC documents.
The effort comes as the company is building out its four-story, 25,000-square-foot social club and coworking space at 305 W. Broad St. The Richmond location would offer amenities such as an event space, coffee shop, bar, coworking and office space, and a rooftop terrace.
Founded by Ben Pfinsgraff and Derek Sieg, Common House signed a lease for the Richmond location last year and began renovating the space shortly after. Memberships at the Richmond spot will range from $67 to $150 per month.
“We are excited to grow and to do more for our members, which this fundraise will support,” Pfinsgraff said in a statement Wednesday. “Construction on House No.2 in Richmond is well underway. Our membership is open and growing quickly.”
He added that they’ve already begun booking 2020 events at the space.
Common House opened the raise Oct. 27 and has garnered $100,000 toward its target $3.5 million. The raise is structured as convertible notes that later can be turned into equity in the company.
The Richmond location is aiming to open mid-2020, and its Charlottesville location will remain open. Common House also opened an office at 211 W. Broad St. in Richmond and already is fielding applications for the Richmond location.
The 300 block of West Broad has been a hot spot for investment this fall.
Earlier this month, men’s shirt company Ledbury, which is based at 315 W. Broad St., closed on a $4.5 million capital raise.