The US coffee chain is reportedly in talks to raise new investment as it pursues accelerated outlet expansion across the US and UK
The coffee chain is seeking to match its previous valuation of $200m | Photo credit: Blank Street Coffee
New York-based Blank Street Coffee is reportedly in negotiations to commence a new funding round.
People cited by Bloomberg as having knowledge of the matter believe the round could raise tens of millions of dollars for the company’s expansion plans and has already attracted participation from existing investors.
The coffee chain, which currently operates more than 50 sites across New York, Boston, Washington D.C and London, is also seeking to exceed its previous valuation of $200m, according to Bloomberg.
Founded in 2020 by Issam Freiha and Vinay Menda, Blank Street Coffee secured $25m series A funding in October 2021 to grow its mobile cart and small-format coffee shop business across New York. Funding was led by US investment firms General Catalyst and Tiger Global.
Blank Street Coffee expanded to the UK in June 2022 and set a target to reach 150 sites globally by end of this year.
The UK expansion includes the recent acquisition of seven-strong London-based café chain Over Under, while Blank Street is also launching an e-commerce channel to enter the US coffee at-home market.