London coffee company Grind has raised £22 million from investors in its third round of equity crowdfunding.
The investment round, led by entrepreneur Richard Koch, aims to fund international expansion and increase the company’s direct-to-consumer business in the UK.
The brand also intends to develop a presence in the US market in 2022 through its established partnership with Soho House.
As a result, Grind is expecting sales in excess of £20 million for the first time this year and anticipates sales of 30 million coffee pods.
Grind has been operating since 2011 with the opening of Shoreditch Grind in London, followed by rapid expansion across London and later diversifying into at-home products including compostable bioplastic coffee pods for Nespresso machines.
READ MORE: Asda invests in Lean Kitchen Network
The company initially offered customers and friends the opportunity to buy in to the company with its first round of fundraising in 2017, followed by a second round in 2019.
It currently expects investors from 2017 to see double their return following its latest round of investment.
The coffee producer has attributed its success to the “explosive growth” of its at-home coffee products during lockdown.
“It’s amazing to reflect on how the little coffee shop we opened a decade ago has evolved into such a recognisable brand, enjoyed by our customers around the world”, Grind founder and chief executive David Abrahamovitch said.
“Richard and his team share our vision to build Grind into the world’s leading premium at-home coffee brand.
“We can’t wait to start investing further into the business here and abroad.
“I can’t wait to see where we’ll be in another decade.”