The Sports Bra provides new crowdfunding opportunity to scale up business while letting fans invest

The GIST: Everyone wants to be in the women’s sports bar business these days, so The Sports Bra is making it easy for anyone to own a piece of the action. Yesterday, the Portland-based enterprise built on its expanding franchise business by rolling out a new investment opportunity: A crowdfunding campaign called “Own a Piece of The Bra.”

• This allows investors to come in at a low price and support the mission, and they stand to benefit if the bar succeeds even more than it has already. Let’s review where it all started and what this new strategy means for The Sports Bra’s success. Cheers.

The background: Founded by Jenny Nguyen in 2022, The Sports Bra was the first-ever bar dedicated exclusively to women’s sports. Beyond spurring a national trend, The Sports Bra drew the attention of entrepreneur Alexis Ohanian, who teamed up with Nguyen to establish franchising. The first four sites were confirmed last June, and the bar plans to open over 40 locations by 2030.

How it works: There are multiple investment levels that come with unique perks — a $100K investment, for example, includes a dinner party with Nguyen. The minimum amount is $250 and the campaign has raised $47.8K from 63 investors so far. It’s a SAFE investment, meaning donors can invest cash that translates to company stake if a trigger event occurs, like being acquired or going public.

• And with the business model that’s been laid out, that seems to be the goal. The Sports Bra is projecting $75M in annual revenue within four years — a big jump from the $1M in revenue it generated in its first eight months, but this number accounts for combined revenue across all franchise locations.

Why it works: Right now, investing a little bit into The Sports Bra warrants a sticker and a badge — but it’s a multimillion-dollar idea that could pay off later. People love women’s sports bars, and by building a scalable product, Ohanian and Nguyen are tapping into momentum and giving passionate sports fans with some cash a way to bring the idea to their community.

• The crowdfunding also allows The Sports Bra to build a bigger and better product, including a new flagship headquarters in Portland.

• Once again, The Sports Bra is embracing the grassroots feel of what made the OG location such a success by giving passionate women’s sports fans the opportunity to join this community. And now, they can literally invest in its future. Raising the bar.