Theatre Royal Stratford East and producer Arvind Ethan David are looking to raise a further £55,000 to stage the production, which if successful will open in Stratford in October 2014.
The show will be co-directed by Baddiel, who also co-writes the book and lyrics, and Theatre Royal Stratford East artistic director Kerry Michael. It features music by Erran Baron Cohen, brother of Sacha, whose film work includes Borat, Bruno, plus The Infidel.
The Infidel is a comedy revolving around a British Muslim, played on film by Omid Djalili, who discovers that he was adopted, having been born to Jewish parents. The show promises to be in the same "subversive" vein as musicals like The Book of Mormon and Avenue Q.
The campaign, which kicks off today, is asking members of the public to pledge their support by 15 April 2014.