Less than a week after launching its latest equity crowdfunding campaign on Crowdcube, UK coffee and cocktail shop, Grind, is quickly nearing £2 million thanks to Speaking about the campaign’s success so far, the Grind team stated:
“It’s been an incredible five days since we opened our crowdfunding to the public, letting you buy shares in Grind for the very first time. Just two and a half hours after our public launch, we passed through our initial £750,000 target, within 24 hours we were through the £1,000,000 mark, and as of today over 1100 of you have come together to invest a staggering £1,750,000 and counting. Thank you so much for your support so far. We can now announce that this round we will be overfunding up to a a maximum of £2,000,000, and the round will close automatically as soon as we reach this figure. Once it’s gone, it’s gone!”
Grind was established in London by coffee enthusiasts David Abrahamovitch and Kaz James with a mission to create spaces for eating, meeting, and drinking. The company shared:
“Founded in 2011, Grind has become one of the most exciting and fastest growing hospitably brands in London. Since its £1.3m Crowdcube bond raise in 2015, Grind has grown to nine locations, plus a coffee roastery in Shoreditch, generating run-rate revenues of £8.5m per year, and like for like sales up 31% for the first 5 months of FY18. The Grind brand punches above its weight and our digital following surpasses many household names like Pret a Manger, Byron and Pizza Express. We have over 90,000 Instagram followers generating 2 million digital impressions per month, and our own mobile ordering app and loyalty scheme with over 22,000 members.”
As part of its five-year plan, Grind plans to do the following:
- Open 10 new company-owned restaurants, following the tried and tested all-day all-night experience the company has refined at London Grind.
- Expand nationally and internationally, opening 15 café-bars in train stations and airports across UK and Europe with our exclusive franchise partner.
- Launch supermarket-grade coffee tins and other consumer coffee products, bringing Grind into customers’ homes.
Just a little over two years ago, Grind successfully raised nearly £1.3 million through its first Crowdcube campaign. Funds from the new round will be used for Grind’s continuous expansion.
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