Good morning, Hopkinton! Welcome to the daily update we call Hopkinton Today — a quick recap of yesterday’s news, highlights of what’s on tap, and a photo of the day.
Blue Square Pizza raises $150K from community to fund 2 new locations
Members of the business community were among those who turned out for the grand opening of Blue Square Pizza on Main Street in 2022. PHOTO/JOHN CARDILLO
With a unique method of fundraising and strong community support, Blue Square Pizza is building an expansive future in the MetroWest region.
The Hopkinton restaurant recently launched a round of crowdfunding to help fund its plans for growth. Using the investment platform SMBX, Blue Square already has raised over $150,000 directly from community members.
The money was raised by selling bonds through SMBX’s platform. Starting as low as $10, the bonds offer a 9.5% annual interest paid back over a three-year period. They will remain up for sale until Feb. 10.
The community’s response to the investment opportunity has far exceeded the expectations of Tony Sproul, Blue Square’s owner.
“We wanted $75,000 initially,” said Sproul. “I sent an email on [a] Friday, woke up Saturday, and we’d raised the entire $75,000.”
It took only 12 additional hours to hit the restaurant’s expanded $124,000 goal. According to Sproul, this was a record raise for the SMBX platform.
“They’ve never had a brand raise that fast in 24 hours,” he said.
For Sproul, this fundraising drive serves both to help fund Blue Square’s expansion plans and broaden the restaurant’s appeal to a wider range of investors. “I thought there was value in getting my name out beyond the MetroWest community,” he explained.
Sproul reported that since starting the fundraiser, a number of investors have contacted him asking to get more involved and help “scale at a larger level.”
Blue Square, which prides itself on its sourdough pizza in a number of classic styles, will use the funds raised to expand to two new locations. According to Sproul, one new location in Northborough is nearing completion while another in the MetroWest area still is in the works.
Latest News
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The Hopkinton Women’s Club is hosting its next monthly meeting Feb. 10 in the large event room at the Hopkinton Public Library. It will feature a presentation by Justina Lachapelle, executive director of Dress for Success in Worcester.
Town meetings tonight include the Open Space Preservation Commission (3) and the Sustainable Green Committee (6).
Photo of the Day
The sun sets beyond the trees behind the Legacy Farms housing development.
PHOTO/AMIT JAGDALE
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