London-based coffee shop chain, Black Sheep Coffee has secured a £13m funding injection as it sets its sights on global expansion.
The company is planning to boost its current 34-site strong portfolio to 70 outlets by the end of this year, and is not only looking at expansion here in the UK but also in US, Europe, UAE and Asia.
Those private investors involved in the funding include Tellef Thorleifsson, the first investor in Spotify, and Bill Shultz, president of Coca-Cola Canada and a board member at Coca-Cola Global.
Gabriel Shohet and Eirik Holth, co-founders and co-CEOs of Black Sheep Coffee, commented, “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.”
Founded in 2013, the business has now raised around £25m since its inception, and reported 25% like-for-like sales growth in both Q4 of 2018 and Q1 of 2019.