Steeped Coffee Hits Reg CF Funding Cap of $5 Million in Under Two Days, Opens Wait List for Investors

Steeped Coffee has quickly hit the Reg CF funding cap on Republic raising $5 million in under 48 hours, according to a note from the firm.

According to the offering page, Steeped Coffee was raising capital using a “Crowd SAFE” at a $33 million valuation cap. The securities offering sought to raise a minimum of $1 million which was easily topped as over 4500 investors stepped up to back the firm.

While the offering is sold out, the firm is hosting a wait list for retail investors with a separate Reg D offering being made available to accredited investors.

Steeped Coffee is a company that aims to provide a high-end single-serve coffee experience minus the capsules and machines (think Kuerig and Nespresso). Steeped Coffee is made like tea with a bag that uses a proprietary process to prepare the coffee. All you need is hot water.

Steeped has previously raised $5 million in venture capital and reports over $1 million in revenue in the past 12 months.

The target customer is not just individual users but hotels, and other vendors while licensing its technology to other companies.

Josh Wilbur, Founder and CEO, says they are just getting started:

“With these new brand advocates behind the Steeped vision, we are so excited to continue to drive positive change in the coffee industry.”

The company said the additional funding will be used to boost the firms growth, providing its compostable single-serve brewing method to more consumers.

Based in Santa Cruz, California, Steeped’s brewing method is said to be licensed to over 400 of the top specialty roasters around the globe.

Steeped is the 11th firm to raise the $5 million funding cap on Republic.

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