INTERNATIONAL | Staff Reporter, UK

Black Sheep Coffee secures US$16.5m for global expansion

The chain wants to reach 70 stores by end-2019.

Black Sheep Coffee announced it has raised £13m (approx. US$16.5m) in funding from private investors, bringing the firm’s total funding to £25m since inception of the company back in 2013.

The funding will allow the cafe chain to bolster its expansion, with the aim of growing its existing number of sites from 34 to 70 by the end of 2019.

Private investors include: Tellef Thorleifsson, first investor in Spotify, CEO of Norfund and co-founder of Northzone Fund; Bill Shultz, President of Coca-Cola Canada and Board member at Coca-Cola Global; Tore Myrholt, currently Chairman for the Board at Antler and former chairman of McKinsey Consulting Group; and Jacob Schram, former CEO at CircleK.

The funding will go towards the company’s global expansion throughout Asia, the U.S., France, Germany, Switzerland, Austria and the GCC region, starting with United Arab Emirateas this summer. Black Sheep already has a presence in Manila and is looking to open one more shop in the Philippines before the end of the year.

Black Sheep Coffee was founded in 2013 by Gabriel Shohet and Eirik Holth, who are also co-CEOs of the company.

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