Over the past two years, Anchor and Hope, a winery based in Rumford, has acquired a loyal following and, according to owners James Davids and Marissa Stashenk the most asked question from customers has always been, "Are you going to open a tasting room?"
“We can finally say ,‘Yes!’,” Stashenk said this week. Utilizing Mainvest, an investment platform headquartered in Salem, Massachusetts, members of the community have helped raise $140,000 towards the new project.
Stashenk said they turned to crowdfunding because it brings their community in to be a part of our growth, which is exciting for both them and investors.
“We loved the idea of crowdfunding but wanted to give back to our investors, which is why Mainvest is a perfect fit for us. The return on our campaign is 1.5x. So if you invest $100, you will get back $150,” she said.
Up until this point, Anchor and Hope have been wholesale-only, selling their wines directly to distributors, who then sell to retail shops and restaurants, who sell to the end consumer. The tasting room would allow the company to sell their wines direct-to-consumers for on-premise consumption and also a certain quantity of wines-to-go, Stashenk said.
According to plans, the back 4,000 of the current 15,000 square ft. space would be dedicated for the tasting room, which would help the winery evolve into more of a community space. In addition to a wine tasting room, Anchor and Hope said the space could double as a gourmet market for local vendors, event space, performing arts venue or pop-up kitchen.
Plans also call for a large glass wall at the former copper mill at Phillipsdale Landing that would provide a view of the Seekonk River. There is an additional 1,400 sq ft of outdoor space that could be available for guests, weather permitting.
Stashenk said the couple has bootstrapped the business from day one and initially got it off the ground with funds from some key family members, close family friends, cashing out our retirement account, credit cards and a ton of sweat equity.
“Last year, we were able to secure a $250,000 SBA 7A loan through the Community Investment Corporation,” she said. “We just secured a $99,000 loan through the City of East Providence and are also raising funds through our Mainvest campaign. In addition, we are currently in discussions with some potential strategic partners/investors.”
Anchor and Hope owners James Davids and Marissa Stashenko have always approached their business as ever evolving, first transplanting their wine business from Califormnia to Rhode Island in 2018. When the pandemic hit, they were already well suited to pivot to the take-out market because they use cans and kegs to transport their wine, a move meant to maximize sustainability and keep costs down. The idea to partner with Mainvest and the community to fund the next stage of Anchor and Hope felt like a move in the same direction, Stashenk said.
Plans also call for the tasting room to also include a small café and cheese shop. Stashenk said the space would be open during the day for customers to grab a coffee, work on their laptop and enjoy the view.
