Pact Coffee launches £1m crowdfunding campaign for ambitious expansion plans letting public join top investors such as Robin Klein
Pact Coffee is launching an ambitious crowdfunding campaign to raise £1m from coffee-lovers to add some buzz to the businesses expansion plans.
The London-based startup which sprang to life in 2012 and delivers fresh coffee straight to people's doors via subscriptions is turning to Crowdcube to raise new equity.
Backers of the early-sage startup which has raised more than £5m to date, include renowned VC Robin Klein who backed Lovefilm and Mind Candy, MMC Ventures and Naked Wines' Rowan Gormley among others.
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Klein said: “I think this is the right time to invest in Pact because a lot of the hard work has been done in laying the foundations of what could be a large company. The team, the product and the market make this the right time.”
Investment in the crowdfunding round will start from £10 while top investors will receive perks such as a lifetime of free coffee, coffee classes and limited edition brews.
The cash will be used to expand into new European markets, to supply offices and to launch new products and services.
Pact has previously turned to Kickstarter to fund the creation of a new product. It raised nearly £30,000 last year to help make its own coffee pods which work with Nespresso machines.
Read more: Goldman Sachs puts millions into this London startup
“We want to change the coffee industry for the better and to do that we aim to grow to a thousand times our current size. Investment from the crowd is going to help take us there," said founder and chief executive Stephen Rapoport.
"We are supremely excited about customer ownership and the co-creation of Pact going forward. I’m delighted that we are offering investors the same rights regardless of how much they choose to invest.”
Invest in Pact Coffee on Crowdcube from Pact Coffee on Vimeo.