Oakland, CA-based Red Bay Coffee returned to the crowd and has secured a fresh $100K from over 116 investors on its Wefunder equity crowdfunding campaign, aiming to bring its beautiful coffee to more people. The revenue share: Red Bay Coffee will pay investors 5% of net revenues until 100% of investor’s principal is returned plus 50% on top. The promissory note is secured by the assets of Red Bay Coffee.
Founded in 2014 by cafe owner Keba Konte to provide the best coffee for his customers, Red Bay is now leading the Oakland roaster pack—creating opportunities for the local community while fostering single origin, fair trade, and sustainable coffees. The coffee roaster is seeing an average of $53K a month in sales with wholesale partnerships with companies like Salesforce, Uber and Twitter who have boosted its total revenue, up from last year by 116%. With its Wefunder campaign, Red Coffee aims to build upon its wholesale business and individual retail locations for nationwide expansion.
Tombstone facts:
- Raised over $87,000 from 822 backers on Kickstarter
- Raised $700K of seed capital from Fund Good Jobs and Pacific Community Ventures
- 7800 sq.ft warehouse space in Oakland’s emerging Fruitvale District; First container café – The Red Bay Coffee Box – opened June 2016
Red Bay Coffee revolves around excellent coffee, great service, and social impact and has developed a business structure that allows them to transparently source their beans, hand-roast them in Oakland and distribute them to over 55 partners around the Bay Area and the U.S. About 85% of the roaster’s sales come from wholesale accounts while 15% is from retail (online sales, farmers market, new markets, popups, and catering). Red Bay Coffee in grocery stores such as Whole Foods, offices, restaurants, and now in its own branded franchise locations. Traditionally, retail coffee shop employees are paid low, low, low minimum wages. Red Bay has developed a profit-sharing model that allows workers to partake in the profits they develop—the goal is to begin paying upwards of $5/hour in addition to the local minimum wage.
Registered Wefunders may learn more detailed financial and campaign information by clicking here.
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