The future looks bright for Komedia after it surpassed its £350,000 crowdfunding target.
Members of the public were invited to invest through a common ownership scheme which launched in October after one of the founding owners was forced to retire.
Supporters were given the opportunity to secure the venue’s future by investing anything from £25 upwards in return for rewards and benefits, as well as tax incentives.
More than 300 investors backed the campaign as Komedia reached its goal with 24 hours to spare, before the crowdfunding page eventually finished on £379,000.
Head of development Eleanor Household said: “This confirms what we thought we already knew; that there is a real appetite in our city and the surrounding area for a strong creative offer.
“We thought it was worth fighting to keep and it seems our community agrees.
"We are all over the moon with the outcome.”
Many famous entertainers who have played Komedia in the past came out in support of the venue during the crowdfunding campaign.
Comedian Katherine Ryan, singer Midge Ure and former Bake Off stars Sue Perkins and Mel Giedroyc all got involved and encouraged their fans to back the campaign.
Richard Daws, the venue’s founder, said: “Our aim with the Komedia brand has always been to provide a platform to nurture, enhance and protect live entertainment in this country.
“This remarkable show of support demonstrates a new way to build permanence into the arts.”
The organisation will now convert the business from an independent venture to a Community Benefit Society.
Komedia Bath said it hopes the campaign offers encouragement to other small and mid-scale venues faced with similar challenges.
The current directors - Richard Daws, Colin Granger and Marina Granger - will be replaced by a new board outlined in Komedia’s Crowdfunder document, with only Richard carrying on.
Komedia will not draw down any investment until both the share offer has closed – which has now taken place - and the society is registered with the FCA.
It is hoped the conversion process will be completed and the venue will be in position to draw down funds by no later than three months after the date the offer has closed.
When the decision is made to draw funds down, investors will receive an email from Crowdfunder informing them that the money will be taken from their account within the next seven days.
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