The chef’s perspective and application process:
Each year, the most exciting new restaurants to open in the Boston area are independent restaurants opened by up-and-coming chef-owners. Think about restaurants where the food is innovative, the design is smart, the front of house is efficient, and the cocktails and beer are craft. These are our favorite places to eat, restaurants like West Bridge, Row 34, Ribelle, Bondir, o ya, Craigie on Main, and Alden & Harlow. But for up and coming chefs, the challenge of raising the funds, often up to a million dollars, necessary to open is a daunting task and can take years. Their endeavor is typically ad hoc, as these young chefs spend time and energy out of the kitchen trying to tell their story to would-be investors, and hitting up their family and friends, in an effort to come up with the necessary money.
We are raising money for an equity fund to invest in these types of start-up chef-owned interesting restaurants in the Boston area in which we, veterans of the restaurant, financial, legal, and real estate fields, love to dine.
For the restaurants, we give them ready access to capital; business, legal, and design insight and oversight; and the economies of scale and buying leverage from being part of a group of restaurants supported by the fund. To qualify for investment, chefs must apply to the Restaurant Investment Group, describing their background, their vision, and their business plan. This application is reviewed by the Restaurant Investment Group and our Board, which provides recommendations on investment opportunities.
Additionally, chefs selected to be a part of a RIG fund will have to retain a suite of RIG approved service providers-for oversight of their business plan, design services, human resources, accounting, corporate governance, licensing and leasing issues, and selected chefs will have to come up with a minimum of $150,000 of capital as part of the deal to have “skin in the game.”
At this time, RIG is not actively soliciting applications for new restaurant concepts. If you are interested in more detailed information about RIG and the chef’s perspective, please contact us at email@example.com.