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Blank Street has raised $75 million in fresh funding from investors including private equity firm General Atlantic, as the coffee chain looks to accelerate its US expansion and broaden its product offering.
According to the Financial Times (FT), the latest round values the company at approximately $650 million, including the new capital. Blank Street was reportedly valued at $500 million during its previous funding round last year.
Founded six years ago from a single coffee cart in Brooklyn, New York, Blank Street has since expanded to more than 100 locations, with the majority of its stores situated in London and New York.
The company is now increasing its presence on the US west coast, with new locations planned in California markets including Beverly Hills, West Hollywood and Malibu.
Blank Street has built a strong following among younger consumers, particularly through its matcha-based beverages, which have gained traction on social media. However, co-founder Issam Freiha told the FT that the company does not want to be associated with a single drinks category.
Instead, Blank Street is aiming to develop into what Freiha described as a “daily luxury brand,” expanding its relevance beyond morning coffee occasions into afternoon beverages and snacks, including ice cream.
Freiha said the majority of the chain’s sales now take place in the afternoon, while the period after 4pm is its fastest-growing daypart. This shift has prompted the company to rethink elements including its menu, store design, service model and operational flow.
Alongside General Atlantic, Blank Street’s existing investors include Left Lane Capital, General Catalyst and Tiger Global.
General Atlantic said it sees continued growth opportunities in the out-of-home coffee and matcha market, supported by sustained consumer demand across the US and UK.
The investment firm also owns a stake in coffee, juice and sandwich chain Joe & The Juice and has backed consumer brands including Gymshark and non-alcoholic beer company Athletic Brewing Company.
Top image: © Blank Street
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