Renowned Adelaide comedy venue Rhino Room will live on in style after its supporters raised thousands of dollars to help move the institution to a new location in the CBD.

The club is renowned for nurturing up-and-coming comedy talent, but there were fears for its future after its Frome Street site was earmarked for 36-storey hotel and apartment development.

A crowdfunding campaign to save the venue was launched six weeks ago, and reached its target of $38,000 last night.

The club was established in 1998 as an offshoot of the Urban Cow Studio to provide a venue for emerging performing artists.

Comedy promoter Craig Egan said donations during the past few weeks of the Adelaide Fringe had been "overwhelming".

"There are so many people that have all come out of the woodwork to support it," he said.

"Most of them were all built out of $50 donations and the thing I love about this the most is that we saved this thing with a community of people that loved it."

Supporters of Adelaide's Rhino Room in rhino boxer shorts. ( Pozible: The Great Rhino Room Migration )

The money will help the club vacate its current premises and set up on Pirie Street.

"It's just a hop, skip and a jump from the East End," owner Mick Krieg said.

"We wanted to keep it as close to [there] as we could because of our links to the Fringe festival."

Over the years talent to take the stage has included Arj Barker, Wil Anderson, Tom Green, Ross Noble and Dave Hughes.

Five per cent of the money raised will go to the Save the Rhinos initiative run by Monarto Zoo.