Cinelounge looks to raise $124,000 in new crowdfunding campaign
The owner of Tiburon’s downtown movie theater has launched a $124,000 crowdfunding campaign he says will help the theater pay down its debt, finance equipment upgrades and expand its presence in the community.
Cinelounge owner and Tiburon resident Christian Meoli is looking to raise the money by offering the public the opportunity to purchase uninsured bonds at an 11.25% interest rate to be paid back monthly over three years. There are 12,400 bonds available for $10 a bond.
The campaign, which is dubbed CINX and launched Oct. 31, had raised $13,670 as of The Ark’s press deadline and is set to run through Dec. 7 on crowdfunding platform SMBX, which allows for people to invest in startups and small businesses.
Meoli is hosting a meeting at 6:30 p.m. Nov. 16 at the theater, located at 40 Main St., to discuss the campaign, along with the theater’s future film screenings and wider offerings.