Black Sheep Coffee has raised £13m in funding from private investors. The independent sustainable coffee chain will use these new funds to continue its global expansion.
Over the past 12 months, the firm has doubled its revenue and surpassed its £10m funding target after unprecedented interest from a number of high-profile investors.
The company’s new investors include Spotify first investor Tellef Thorleifsson, president of Coca-Cola Canada Bill Shultz, Antler chairman for the board Tore Myrholt and former CircleK CEO Jacob Schram.
Gabriel Shohet and Eirik Holth co-founded the company in 2013, today Black Sheep Coffee has established shops across London and Manchester.
Thanks to its sustainable business model and corporate social responsibility efforts, the company has attracted much attention. From 2014 the coffee chain has been plastic-free, they advocate for fair trade and better treatment for its coffee farmers, and has been working to help the homeless.
Gabriel Shohet and Eirik Holth, said: “We started Black Sheep Coffee to challenge big corporate brands on their sustainable approach, and rid the world of boring, average-tasting coffee.
“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 fresh funding will facilitate the company’s expansion throughout Asia, the US, France, Germany, Switzerland, Austria and the Middle East, as it plans to grow its global network from 34 shops to 70.
In addition the funding will be used to enhance the firm’s e-commerce platform.
Bill Schultz, President of Coca-Cola Canada and Board member of Coca-Cola Global, added: “Black Sheep Coffee is truly differentiated from the other premium coffee shops, with unique coffee drinks, food and atmosphere. The founders have built an amazing team, driven by their vision and united by the company values.”