Now, we do a lot more analysis,” he said. “In the old days, we used to just do a gut feeling kind of thing when we signed a lease. To choose markets in 20, the company will use a software program to collect data from other HopCat locations to estimate revenue at possible new sites based on building size, demographics and competitor sales.
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“This (investment) deal was in the works long before those other decisions were made,” Sellers said, adding that “we’ve come a long way since (opening in Chicago) in terms of our sophistication of how to pick locations and the data we look at and the decision-making process.” The management shakeup and Chicago closure affected about 35 employees, according to Sellers. Since then, the company has opened 17 pubs in markets throughout the Midwest and Southern U.S.īarFly’s latest round of fundraising comes as the company this month switched certain management and administrative positions, laid off employees, and closed its location in the Lincoln Park neighborhood of Chicago, which opened in 2016.
The expansion of the HopCat brand started in 2013. and The Waldron Public House in Grand Rapids. Sellers declined to disclose other potential markets for the chain, but added that new locations cost “a couple million to open” because of their differing sizes and unique, “crazy” design.īarFly Ventures also owns and operates Stella’s Lounge, Grand Rapids Brewing Co. The company previously announced plans to open a HopCat location early this year at 84 W. The company is still in the process of raising another $1 million from existing investors to reach its $7 million goal. In confirming BarFly Ventures LLC’s latest round of fundraising, founder and owner Mark Sellers told MiBiz approximately $5 million of the funding came from one new investor while $1 million came from Sellers himself. GRAND RAPIDS - The company that owns and operates the HopCat craft beer bar chain has secured another $6 million in capital it will use to open three to four more locations in 20, MiBiz has learned.