“We found that SMBX is a really good platform for our customers,” says Steven Lee, who co-founded Wellness Sushi with his wife, Phoebe, in 2019. The city’s first vegan sushi and Japanese eatery recently launched a $500,000 crowdfunding campaign on SMBX to open a second location in Boulder.
Lee explains that he and his wife selected SMBX because “it's a really good platform for small investors.” Anyone can invest as little as $10 into Wellness Sushi’s small business bond, then receive monthly principal payments plus 10.75 percent interest. Wellness Sushi investors can also receive a tiered structure of benefits, including gift cards and lifetime discounts.
Lee views this as a method of giving back to Wellness Sushi customers. One investor comments, “I appreciate you all using SMBX instead of [a] bank so people like me can invest directly in businesses we believe in.”
This is the second time the Lees have instituted a crowdfunding campaign through SMBX. After outgrowing their 166-square-foot pilot restaurant, they raised $60,000 and moved Wellness Sushi to its current location at 2504 East Colfax Avenue. Seventy-five percent of those funds was allocated to staffing, 20.5 percent was reserved for working capital, and 4.5 percent went to SMBX, covering its capital raise fee.
With this current campaign, SMBX will earn a 5 percent commission. Lee explains that the remaining $475,000 will cover six months of employee costs and six months of rent and equipment.
He has his eye on two locations in Boulder, and both will require renovations, though the construction scope is yet to be determined. One site is turnkey, while the other is simply a concrete frame. Regardless of what the Lees ultimately choose, they plan to adopt a more elevated aesthetic and will introduce plated service, something that the Colfax location does not offer, given its limited footprint.
Lee explains that he and his wife selected SMBX because “it's a really good platform for small investors.” Anyone can invest as little as $10 into Wellness Sushi’s small business bond, then receive monthly principal payments plus 10.75 percent interest. Wellness Sushi investors can also receive a tiered structure of benefits, including gift cards and lifetime discounts.
Lee views this as a method of giving back to Wellness Sushi customers. One investor comments, “I appreciate you all using SMBX instead of [a] bank so people like me can invest directly in businesses we believe in.”
This is the second time the Lees have instituted a crowdfunding campaign through SMBX. After outgrowing their 166-square-foot pilot restaurant, they raised $60,000 and moved Wellness Sushi to its current location at 2504 East Colfax Avenue. Seventy-five percent of those funds was allocated to staffing, 20.5 percent was reserved for working capital, and 4.5 percent went to SMBX, covering its capital raise fee.
With this current campaign, SMBX will earn a 5 percent commission. Lee explains that the remaining $475,000 will cover six months of employee costs and six months of rent and equipment.
He has his eye on two locations in Boulder, and both will require renovations, though the construction scope is yet to be determined. One site is turnkey, while the other is simply a concrete frame. Regardless of what the Lees ultimately choose, they plan to adopt a more elevated aesthetic and will introduce plated service, something that the Colfax location does not offer, given its limited footprint.
The menu will also see an upgrade, though the current selection of plant-based maki rolls, onigiri, ramen and rice bowls will remain — including favorites like the kakiage supreme roll, spicy tonkotsu ramen, and teriyaki beef onigiri made with vegan spam.
While arguably risky, the innovative take on Japanese cuisine has garnered fans and media attention. Wellness Sushi is recognized as one of Denver’s best vegan eateries and was the only Colorado establishment included in Yelp’s “Top 100 US Restaurants” list for 2023.
Lee was a traditional sushi chef for six years prior to opening Wellness Sushi, working in restaurants in Chicago and California. “We were just trying to survive in the United States,” he comments. But he also had an interest in doing something different, and, according to him, few were serving vegan sushi in 2019.
Despite the early success and his entrepreneurial spirit, Lee tells Westword that long-term goals aren’t quite clear. But he hopes to open additional Wellness Sushi locations through crowdfunding on a larger scale. “We're going to use big investors, big crowdfunding. We will use a different platform, similar to SMBX” — but for investors with deeper pockets.
Until then, Wellness Sushi is focused on maintaining its flagship restaurant and launching its second outpost. Lee explains that he and Phoebe selected Boulder because of its proximity to the existing eatery, making for an easy commute and better oversight. Proximity to the University of Colorado Boulder was also a consideration, and one of the two potential locations is just a two-minute walk from the campus.
While arguably risky, the innovative take on Japanese cuisine has garnered fans and media attention. Wellness Sushi is recognized as one of Denver’s best vegan eateries and was the only Colorado establishment included in Yelp’s “Top 100 US Restaurants” list for 2023.
Lee was a traditional sushi chef for six years prior to opening Wellness Sushi, working in restaurants in Chicago and California. “We were just trying to survive in the United States,” he comments. But he also had an interest in doing something different, and, according to him, few were serving vegan sushi in 2019.
Despite the early success and his entrepreneurial spirit, Lee tells Westword that long-term goals aren’t quite clear. But he hopes to open additional Wellness Sushi locations through crowdfunding on a larger scale. “We're going to use big investors, big crowdfunding. We will use a different platform, similar to SMBX” — but for investors with deeper pockets.
Until then, Wellness Sushi is focused on maintaining its flagship restaurant and launching its second outpost. Lee explains that he and Phoebe selected Boulder because of its proximity to the existing eatery, making for an easy commute and better oversight. Proximity to the University of Colorado Boulder was also a consideration, and one of the two potential locations is just a two-minute walk from the campus.
