Specialty coffee brand First Coffee raises $1.2 million funding led by Beenext
First Coffee, a grab-and-go specialty coffee brand, has raised $1.2 million in a funding round led by South Asia and India-focused venture fund Beenext.
The round also saw participation from other investors such as Ashish Gupta (Helion Venture Partners), AngelList India, Ritesh Malik (founder, Innov8), Sahil Malik (founder, Da Milano), Aman Arora (cofounder, board-Keventers), Agastya Dalmia (director, Keventers), among others.
ET on July 10 reported about Beenext leading the new round in the company, as early-stage venture capitalists and angel investors continue to show strong interest in new-age food brands, particularly in segments like coffee.
The funds will be used to support the company’s expansion to more locations across the country, along with investments in hiring and marketing. First Coffee plans to grow its store presence in key urban areas across New Delhi and NCR and tier-I cities in north India.
“We are the first brand to bring true specialty coffee scoring 91% on the Specialty Coffee Association (SCA) scale to the Indian market. At First Coffee, we’re not just serving coffee; we’re crafting a unique, premium experience while still catering to the fast-paced lifestyle of our customers,” said cofounder Shiv Dhawan.
Founded in 2024 by Sohrab Sitaram and Dhawan, First Coffee sources its beans from the Harley Coffee Estate in Chikmagalur.
The brand will primarily focus on small-format QSR outlets in high-footfall areas like malls, corporate parks, high streets and metros. The company plans to launch 35 stores across the country by the second quarter of the next fiscal year.
Commenting on the investment, Anirudh Garg, partner at Beenext said, “First Coffee is uniquely placed where they are not just selling a product but rather a coffee experience, blending tech, sustainability and coffee”.
ET reported on March 9 that specialty coffee chain AbCoffee raised $3.4 million in a series A funding round led by venture capital fund Nexus Venture Partners. Existing investor Tanglin Venture Partners also participated in the round.
On March 26, Subko, a specialty coffee roaster and craft bakehouse, raised $10 million in a funding round led by Zerodha cofounder Nikhil Kamath.
Other companies operating in this space include Slay Coffee, which is backed by Fireside Ventures, Alteria Capital and Faasos-parent Rebel Foods; Sleepy Owl Coffee; Hatti Kaapi; Blue Tokai; and Rage Coffee.
source: http://www.msn.com / ET – Economic Times / September 26th, 2024
