Black Shop Coffee, an independent sustainable coffee chain based in London, has secured £13million in funding as it looks towards further expansion.
The chain aims to use the funds to increase its number of sites to 70 by the end of the year, up more than 100% from its current total of 34, with plans to enter the market in the US, France, Germany, Switzerland, Austria and across Asia.
The firm, which was founded in 2013 by co-CEOs Gabriel Shohet and Eirik Holth, has already increased annualised turnover by 56 per cent between Q4 2018 and Q1 2019 from £8.5 to £13.3m and aims to reach £25m annualised turnover by the end of Q4 2019.
In a joint statement, the CEO’s said: “We started Black Sheep Coffee to challenge big corporate brands on their sustainable approach, and rid the world of boring, average-tasting coffee.
“We have made a conscious effort to stay clear of institutional investors in order to keep our independence and long-term vision for the brand.
“As we continue to grow globally, we’ll continue to adhere to our core values: sourcing the best beans in the world, hire the best baristas in town, get rid of plastic, support our homeless communities, never fear competition, open right next door instead.”
The private investors who contributed towards the £13million raised include Tellef Thorleifsson, first investor in Spotify, CEO of Norfund and co-founder of Northzone Fund and Bill Shultz, President of Coca-Cola Canada and Board member at Coca-Cola Global.
Thorleifsson claimed the chain was on a “transformative” journey, and praised its ‘leave the herd behind’ tagline, with Schultz adding that Black Sheep was “truly differentiated from the other premium coffee shops.”
Black Sheep has been funded entirely by loyal customers and private investors in order to preserve the independence of the Black Sheep Coffee brand, in keeping with its aim is to challenge the current establishments with its approach to the coffee industry.
The chain’s mission is to ensure that the farmers that pick the beans to make its customers coffees are being treated as well as its customers.