The funding will support the specialty coffee roaster and café group’s expansion efforts, which includes new stores in Liverpool, London and Manchester
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92 Degrees has raised £1m from existing investors since launching its ‘small Series A’ investment round | Photo credit: 92 Degrees
UK-based specialty coffee roaster and café group 92 Degrees is seeking to raise £3m ($3.7m) to support its ongoing expansion efforts.
CEO Jack Brewitt said the ‘small Series A’ investment round has raised £1m ($1.2m) from existing investors since launching at the start of August 2023.
New investors will be invited to join the round at the of the month, with seed funding set to conclude at the end of the year.
92 Degrees opened its first roastery in Liverpool in 2014 and its first coffee shop the following year. It currently operates 11 stores across the UK, the latest of which opened in Edinburgh in May 2023. The coffee chain plans to double its footprint over the next 12-18 months.
The funding round comes just over a year after the specialty coffee roaster and café group secured £1.4m ($1.7m) of private investment to fund eight new sites. In June 2022, 92 Degrees said the funding would primarily facilitate outlet growth in Liverpool, London and Manchester.
World Coffee Portal research shows the total branded UK coffee shop market currently comprises more than 9,900 outlets and is forecast to exceed 10,200 outlets in 2024.