London startup Pact Coffee is hoping to secure an additional £1 million in crowdfunding as it looks to revolutionise how people get their coffee.
Founded in 2012, Pact Coffee delivers freshly roasted coffee by post. The coffee is roast, ground, and shipped all within seven days.
The company already boasts thousands of customers across the UK but in order to scale-up, and take advantage of a “home coffee” market that Pact believes to be worth over £1 billion, it needs to raise more capital. Que Crowdcube.
The Pact Coffee Crowdcube campaign, which launched last month, allows customers and the general public to invest in Pact Coffee from just £10.
At the time of writing, Pact Coffee had received £150,180. Pact Coffee needs to raise £850,000 on the platform in the next 19 days if it i to hit its target. If the campaign fails to reach £1 million then no money is pledged.
Stephen Rapoport, founder and CEO of Pact Coffee, told Business Insider at an investor event this week that he’s confident the target will be met.
The company — based in an old biscuit factory in Bermondsey, South East London — said it would use any investment to expand into at least two other European markets and launch more products.
Rewards for “top investors” include a lifetime of free coffee, expert coffee classes, and limited edition coffees.
“We want to change the coffee industry for the better and to do that we aim to grow to a thousand times our current size,” said Rapoport.
“Investment from the crowd is going to help take us there. We are supremely excited about customer ownership and the co-creation of Pact going forward. I’m delighted that we are offering investors the same rights regardless of how much they choose to invest.”
Well-known investor Robin Klein has already invested in the company, as has venture capital firm MMC Ventures. To date, Pact Coffee has raised a total of $3.36 million (£2.38 million).
Other London coffee startups such as DripApp are also on the quest for further fundraising as they look to capitalise on the city’s love for the drink.
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