Grind raises £22m to expand in the US and beyond
The funds will be used to expedite growth next year in the US, where Grind already has a presence through its global partnership with Soho House. The money comes off the back of what the group describes as ‘explosive growth’ in its at-home coffee products during the lockdowns.
The investment round was led by entrepreneur and author Richard Koch, known for his book The 80/20 Principle.
The company, which was founded by David Abrahamovitch and Kaz James in Shoreditch in 2011, says it experienced an ‘odds-defying’ 2020 with the group turning its attention to the at-home coffee market during the periods when its venues were forced to close because of the Coronavirus pandemic.
Grind is expecting sales of its coffee for home consumption to exceed £20m for the first time this year, and to ship 30 million coffee pods.
To meet demand, earlier this year the business moved into a new 15,000 square foot coffee roasting facility in Bermondsey, south London. In 2020 it also become the global coffee partner for Soho House, whereby Grind exclusively roasts coffee for the group’s luxury members clubs, and restaurants across the world. Guests of Soho House hotels can also use Grind pods in their room during their stay.
“It’s amazing to reflect on how the little coffee shop we opened a decade ago has evolved into such a recognisable brand, enjoyed by our customers around the world. Each year, we serve hundreds of thousands of coffee lovers through our London stores, and through our compostable coffee pods we’ve now found a way that we can take the Grind coffee experience into the homes of millions more around the world,” says Abrahamovitch.
“Richard and his team share our vision to build Grind into the world’s leading premium at-home coffee brand. We can’t wait to start investing further into the business here and abroad. I can’t wait to see where we’ll be in another decade.”
The latest investment is Grind’s third round of equity crowdfunding following those in 2017 and 2019 that allowed customers and friends of Grind to buy shares in the business.
