London-based Black Sheep Coffee attains new investment to support a planned US debut as the business accelerates outlet growth in the UK
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Black Sheep Coffee currently operates 46 locations in the UK | Photo credit: Black Sheep Coffee
Black Sheep Coffee has announced plans to enter the US market following new investment from NBA basketball player Kristaps Porzingis. The amount of the investment was not disclosed.
The new funding follows £4.4m raised by the coffee chain in September 2021 as part of plans to open 30 new UK stores by March 2022.
“What ultimately got me to invest is when I saw what they do for the homeless community with the Free Coffee Board Initiative, and for the environment by getting rid of plastic. This business is making the world a better place and I want to be a part of it,” said Porzingis.
The Free Coffee Board Initiative, which Black Sheep launched in 2015, encourages customers to purchase a discounted hot beverage and donate it to the homeless community. The company also uses compostable coffee cups and packaging as part of efforts to reduce plastic waste.
“We’ve only ever raised money from individuals who share our company values. When we met Kristaps in Dallas, we hit it off right away and we couldn’t be happier to count him on board the Black Sheep team,” added Black Sheep Coffee co-founders Eirik Holth and Gabriel Shohet.
Black Sheep Coffee has recently enjoyed a successful period of store growth across the UK. In October 2021, the coffee chain opened four new locations in one day – three in London and one in Windsor. In the same month, the company also opened its first UK franchised outlet in Birmingham.
Black Sheep Coffee was founded in 2013 by Eirik Holth and Gabriel Shohet. The coffee chain currently operates 46 locations in the UK, two in the Philippines and one in France. Several UK city centre locations, however, remain temporarily closed following pandemic trading disruption.