BOULDER — Alfalfa’s Market is raising $8.75 million in funds, part of which could be put toward a second store for the natural grocer, officials confirmed Friday.
In a regulatory filing made last week with the Securities and Exchange Commission, Alfalfa’s officials indicated the company had raised nearly $5.2 million of an $8.75 million equity round.
Boulder-based Alfalfa’s is raising the funds to cover some renovation costs at its hometown store, which opened in April, and to also have capital available for both future improvements to the 1651 Broadway outlet and for costs associated with opening a second location, said Sonja Tuitele, an Alfalfa’s spokeswoman.
Alfalfa’s spent more than $10 million on its store off Broadway and Arapahoe Avenue.
“I don’t think there’s anything imminent (in terms of a second store),” Tuitele said. “We’d like to have a second store identified and hopefully a lease signed within a year of the (April) opening of the first store.”
Alfalfa’s officials have said a second store most likely would be located in Denver.
“It has to be the right location,” Tuitele said. “It’s really an urban store.”
Tuitele said officials expect to have the $8.75 million raised by the end of October. She said that since the SEC filing was compiled and made public, the company is $2 million shy of its goal.
The round also allows existing shareholders to convert their investments into preferred stock, she said.
