A round-up of the latest major deals from across the global coffee industry, including a $650m valuation for New York-based Blank Street, a significant Series D funding round for India’s Third Wave, and the formation of one of Germany’s largest bakery-café groups
$650m valuation, $75m investment: this is Blank Street 3.0
Founded in 2020 by Vinay Menda and Issam Freiha, Blank Street quickly made a name for itself with its focus on grab-and-go coffee from mobile carts equipped with super-automatic Eversys espresso machines.
After opening its first bricks-and-mortar venues in early 2021 and expanding to the UK in 2022, Blank Street gained further recognition for its pastel sage-green storefronts and viral matcha beverages.
Now, the New York-based brand has raised $75m to reenergise US expansion, advance its lifestyle brand transformation and remain at the forefront of trending menu categories.
India’s Third Wave Coffee raises $43m to fuel store expansion
Third Wave, which currently operates more than 248 stores across the country, received the new capital from existing investors WestBridge Capital and Creaegis – with lead investor WestBridge now holding a 47% stake in the specialty coffee roaster and café group.
The Series D funding round values Third Wave at approximately $210m as it seeks to reach 320 outlets by April 2027 and chase down a longer-term goal of hitting 500 locations.
Latest FSN Capital acquisition creates one of Germany’s largest bakery-café groups
Private equity firm FSN Capital has made its third investment in the German bakery-café market as consolidation in the segment intensifies amid heightened competition and cost pressures.
Oslo-based FSN, which also operates a regional office in Munich, made its maiden acquisition in the German bakery-café market in September 2022, taking a majority stake in Ludwigshafen-based Bäcker Görtz. Via Bäcker Görtz, FSN acquired Bäckerei Pappert in October 2025 – bringing its bakery-café footprint to 420 stores.
It has now added Frankfurt-based Der Bäcker Eifler and a further 95 outlets to its portfolio.
Bain Capital acquires Gong cha’s 2,200-store global business
Taiwanese bubble tea chain Gong cha has confirmed that it has been sold to US private equity firm Bain Capital for an undisclosed sum.
London-headquartered Gong cha is one of the world’s largest bubble tea chains, serving more than 150 million beverages annually across more than 2,200 outlets globally.
In a new press release, Gong cha said Bain Capital will focus growth on Japan and Korea, where it has built a strong customer base and operates over 1,000 stores, and the US, where it is seeking to quadruple its footprint to 1,000 outlets.
Czech beverage group acquires specialty coffee chain Cøkafe
Krnov-based Kofola has made its first foray into its domestic branded coffee shop market.
The group, which produces cola drinks and controls more than a dozen soft beverage brands, has taken a controlling 52% stake in eight-store Czech specialty coffee chain Cøkafe.
The acquisition moves Kofola closer to its goal of operating a full farm-to-cup coffee supply chain following investments farm, roastery and CPG ventures.
Fresh funding for First Coffee as India’s specialty coffee segment gains momentum
New Delhi-based specialty coffee group First Coffee has closed a $1.3m pre-Series A investment round as it gears up for a new phase of growth in India’s booming branded coffee shop market.
Founded by Sohrab Sitaram and Shiv Dhawan in 2023, takeaway-focused First Coffee opened its first store at New Delhi’s Pacific Outlet Mall in April 2024 and is seeking to further scale its store network – which currently comprises 25 stores across Delhi, Chandigarh, Haryana, Punjab and Uttar Pradesh.
US RTD coffee start-up scores slam dunk with team of NBA investors
California-based ready-to-drink (RTD) coffee brand Beekeeper Coffee has closed a new investment round, led by some of the most prominent names in US basketball.
Founded in September 2023, Beekeeper produces a range of RTD lattes in flavours such as mocha, caramel and hot honey, which are currently stocked in more than 2,500 US retail outlets.
The round drew participation from five current NBA basketball players, including Golden State Warriors’ Draymond Green, Washington Wizards’ Anthony Davis, and Sacramento Kings’ Zach LaVine. Detroit Lions’ NFL Quarterback Jared Goff, Australian golfer Min Woo Lee and Rich Paul, Founder and CEO of Klutch Sports Group, also invested.
