Grind closes crowdfunding campaign at £3.5m

By Sophie Witts contact

- Last updated on GMT

Grind closes crowdfunding campaign at £3.5m
London coffee and restaurant brand Grind has closed its crowdfunding drive after raising almost £3.5m.

The group hit its initial £1.35m target on Crowdcube within the first day of opening the investment round last month.

It has raised a total of £3,499,340 from 1786 investors.

Grind, which has 11 London sites, plans to use the funding to open a further seven locations and buy a coffee and cocktail truck to take on the road to events and festivals this summer.

It will launch a restaurant at Broadgate Circle this month, followed by a site at South Bank Place later this year and a location in Canary Wharf in 2020.

Grind has also partnered with SSP to open a site each in London Bridge, Waterloo and Victoria stations in Q2-Q3 of this year.

In an update last week Grind co-founder and CEO David Abrahamovitch wrote that the company would look at launching an additional large format restaurant and bar if it hit its £3.5m target.

"We are currently in discussions about a very exciting opportunity which his currently off-plan, and this would give us the extra funding we’d need to complete on this - and build a bigger group, faster," said Abrahamovitch. 

Grind was founded in Shoreditch in 2011 and raised £1.3m on Crowdcube in 2015,​ followed by a further £2.1m in 2017.

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