The Chocolate City of Perugia Raises Over 1 Million Euros on Mamacrowd

With the participation of 198 investors for a total of 1.026 million euros, the company Destinazione Cioccolato Srl SB has exceeded by 342% the minimum target of 300,000 euros of its equity crowdfunding campaign on Mamacrowd, for the Chocolate City project.

9.09% of the company’s shares were placed on the market, thus reaching the maximum target of 1 million euros, for a post-money value of the company of 11 million euros.

The campaign for the chocolate city included different types of shares in relation to the size of the investment. At the end of the round, the subscribed shares included 161 investors for the Milk Share (from 300 to 5,000 Euro), 35 investors for the Gianduja Share (from 5,000 to 100,000 Euro) and 2 investors for the Extra Dark Share (from 200,000 Euro).

A significant result considering that Destinazione Cioccolato Srl SB is not yet operational on the market, having started the construction works of the Chocolate City only last summer.

The Chocolate City Project

The Chocolate City is a project aimed at creating the largest experiential museum dedicated to cocoa and chocolate in Italy, scheduled to open in 2025.

This project will take place in the city of Perugia, inside the former Covered Market, a building that will be redeveloped and used as a new tourist and cultural hub. The choice of Perugia is linked to the city’s long tradition in the chocolate sector, being the headquarters of the Perugina company, founded in 1907.

The Chocolate City project was conceived by Eugenio Guarducci, founder of Eurochocolate, an international event dedicated to chocolate that has been held in Perugia for 30 years, attracting over 800,000 visitors per edition.

The Chocolate City foresees several sources of revenue, including the museum activity (with a forecast of 370,000 visitors from the third year and a turnover of over 3 million euros from the first year and over 4.5 million euros from the third), the proceeds of the sub-concessions of the spaces and the educational and experiential training activities.

The project aims to combine culture, urban regeneration and social responsibility, enhancing the significant role of chocolate for the city of Perugia. The goal is to create a tourist attraction capable of generating a positive economic impact on the territory and of being replicable in other Italian and international locations.

Investors supporting the Chocolate City project

Several local and national entrepreneurial entities immediately embraced the idea, becoming partners and bringing their know-how.

Among the original members, Coopculture stands out, a leader in Italy in museum management, Bee for Impact, active in the social economy, Orizzonte Nove, a protagonist in the creative and cultural industry, Sifra, active in the tourist accommodation sector.

Some of the members represent prominent figures in the world of local and national business associations.

Destinazione Cioccolato Srl SB has already obtained funding that will help cover the entire cost of the project, thanks also to the measure Italia Economia Sociale of the Ministry of Business and Made in Italy, managed by Invitalia.

“The investors – declared Vasco Gargaglia, President of the Board of Directors of Destinazione Cioccolato Srl SB – have therefore placed their trust in our project, not only because it already features several entrepreneurs with a solid background in the tourism, events, museum management and social economy sectors, but also because it is supported by a thirty-year concession, a 6 million loan already approved and a very promising business plan certified by Nomisma.”

The success of the Crowdfunding campaign is probably also due to the purposes for which it was designed

Objectives that include, in addition to a strengthening of Marketing actions, interventions in favor of the Cocoa and Chocolate production chains and for the support of social inclusion projects to be promoted within the Chocolate City.

“It was a significant commitment – ​​added Barbara Mencaroni Vice President of the Board of Directors of Destinazione Cioccolato Srl SB – which involved our entire team, but not only. Special thanks also to the Mamacrowd team and the external professionals who took care of the aspects relating to the Press Office (Aromi and Sedicieventi), the editing of digital graphic materials (Fattoria Creativa) and the production of video content (The Creators). Obviously, an important role was also played by Eurochocolate, strategic partner of Destinazione Cioccolato Srl SB.”

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(Featured image by Quick PS via Unsplash)

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