In just over two weeks’ time, and with the support of more than 400 backers, the investment campaign to help save Allston rock club Great Scott has reached its initial goal of $150,000.
The target was hit early Wednesday (June 10) afternoon, 15 days after the campaign launched via Mainvest on May 26. Mainvest is a Salem-based investment crowdfunding platform specializing in assisting local businesses; the campaign accepted investments from interested parties via its digital platform for as little as $100.
The effort is spearheaded by the venue’s longtime booking agent, Carl Lavin, who last month reached an agreement to purchase the liquor license and intellectual property from Great Scott owner Frank Strenk. Strenk turned down offers from building owners Oak Hill Properties LLC to keep the 1222 Commonwealth Ave. venue in business due to concerns over the state of live music during the ongoing coronavirus pandemic. Great Scott has been closed since mid-March.
Now that the campaign has reached its goal, a representative for Mainvest tells Vanyaland that “any additional capital raised will provide [Lavin] with extra cushioning.” The maximum figure Lavin could raise within the next 70 days, the duration of the Mainvest campaign, is $350,000.
Now that the investment goal has been met, it is believed that Lavin can go to Oak Hill Properties with an offer to maintain, make necessary soundproofing installments and other upgrades, and re-open and operate Great Scott on his own.
As of press time, the Mainvest campaign has raised $155,900 from 410 investors.