UK coffee and cocktail shop, Grind, has returned to equity crowdfunding platform Crowdcube and has not only secured its initial £1,350,000, but is now nearing £3 million from more than 1360 investors. The latest funding round comes less than two years after the company raised £1.9 million through its previous campaign.
“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.”
Grind reported that since its £1.3 million Crowdcube bond raise in 2015 and £1.9 million Crowdcube equity raise in 2017, it has grown to eleven locations plus a coffee roastery in Shoreditch. The company also revealed that it ended 2018 with around £1 million in the bank, but the changing high street means the company being offered more properties in prime locations than ever before, so it is now raising funds to capitalize on those opportunities. The company added:
“This is the last time we expect to be able to offer EIS tax relief on your investment, as once we open our next site, Liverpool Street Grind, we’ll be too big to offer this. Funds raised will not be used to repay the Grind Bond; funds raised will be used only for growth”
The funding round is set to close at mid-April.
Have a crowdfunding offering you'd like to share? Submit an offering for consideration using our Submit a Tip form and we may share it on our site!