Contini raises 1.4 tons in half an hour through crowdfunding

Ristorante Pizzeria Contini is going to renovate. Owner René Contini's plan is to expand the restaurant and modernize the kitchen. Within just half an hour, Contini raised the funds for the investment through crowdfunding.

For eight years, the expansion and renovation of the business has been on the hospitality entrepreneur's wish list. “We are fully booked pretty much every day. As a result, I unfortunately often have to turn people away. With the renovation, I hope to put an end to that,” said Contini, reports the Dagblad van het Noorden.

He approached various banks for the investment, but to no avail. “Banks don’t do anything in the hospitality industry anymore.” The entrepreneur therefore turned to crowdfunding. Within half an hour, the amount of €140,000 was raised by 121 investors. Through a four-year loan of €1,150 at an interest rate of 7.5% for each lender, Contini is able to start the renovation.

According to the platform Collin Crowdfund, the speed of raising funds is related to a likeability factor for the entrepreneur and the established reputation of the restaurant.

The renovation involves the addition of a conservatory, expanding the restaurant's seating capacity from 90 to 154. This creates the possibility for hosting receptions, parties, and weddings. Additionally, the renovation of the kitchen will enable the business to devote more attention to catering. A festive reopening will take place in the spring of 2016 to celebrate the renovation.