Wakuli will use the funding to scale its seven-store retail footprint in the Netherlands and grow its direct-to-consumer e-commerce channels
Amsterdam-based Wakuli has raised €5.2m ($5.6m) in a Series A funding round led by Icecat Capital to drive outlet growth in the Netherlands and grow its e-commerce business.
Founded in 2019 as a home delivery specialty coffee business, the sustainability and ethical sourcing-focused brand opened its first outlet in Amsterdam in September 2022 and currently operates six stores in the Dutch capital and a single site in Utrecht.
Its direct-to-consumer e-commerce and subscription channel has so far amassed more than 40,000 customers.
Following the new investment, Wakuli plans to open a further eight stores in the Netherlands this year before accelerating outlet growth from 2025 and exploring neighbouring countries.
Current investors Rubio and ABN AMRO, as well as angel investor Arnoud Aalbersberg, also participated in the funding round, which comprises an issuance of new shares and a €750,000 ($802,000) loan.
World Coffee Portal research shows the total Dutch branded coffee shop market currently comprises 675 outlets, led by US chain Starbucks and domestic bakery brand Bagels & Beans with 101 and 84 sites respectively.
However, the market also has a strong domestic segment of premium mid-sized operators, including Anne & Max, Doppio Espresso and Kaldi. Specialty chains 30ml Coffee Roasters and Darras Coffee Roasters have also scaled their presence in the Netherlands within the last 12 months to reach 18 and seven sites respectively.
%20investment%20round){kind=link}