The first "crowd funded" theatre in the country will open later this month.

The seventy seat venue, The Studio, at Matthews Yard will open after raising more than £6,000 through donations from the public.

Saif Bonar, founder of Matthews Yard, a cafe and co-working space off Surrey Street market, launched the project in December 2012.

The refurbished space will run be run as a community arts and entertainment venue complete with stage and theatrical equipment.

Crowd-funding is the collective effort of individuals who network and pool their money, usually via the Internet.

In this venture it has been used to get people to donate towards the project in exchange for their name being added to a supporters wall, and a number of perks at the co-working space, including membership.

As a result enough money has been raised to pay for a stage, a green room for performers, a PA and AV system and a simple lighting rig.

The funding stream, via website kickstarter.com, closed on Monday, and the funding will be released to spend on equipment.

It is hoped the first performance at the new theatre will take place in February.

With venues such as the Warehouse Theatre and the David Lean Cinema having their funding cut in recent years, The Studio is seen as an alternative arts venue in the town.

Zoom! Arts Theatre Project and The Big White Light theatre group who work with young people on amateur theatre productions have already signed up to use the space for rehearsals and performances.

Mr Bonar said there has already been a high level of interest in using the theatre and will have to devise a waiting list for groups to use it.

Mr Bonar said: "It's great that Croydon's community, businesses and individuals alike, rallied round to support The Studio effort so early in the New Year.

"We have had a lot of interest which is great. There is a lot of demand for art in Croydon.

"There will be some good stuff going on here which will be of interest to all generations. Everyone has a sense of ownership about it which is good.

"It is not being seen as my theatre it is being seen as our theatre. Which is kind of the idea really. We have created a space here and it is for people to come and use."

He added: "It is nice to see that people care about Croydon and care about improving the arts."