MILAN – Steeped Coffee has quickly hit the Reg CF funding cap on Republic raising $5 million in less than 48 hours, according to a release from the firm. According to the offering page, Steeped Coffee was raising capital using a “Crowd SAFE” at a $33 million valuation cap. The securities offering sought to raise a minimum of $1 million, which was easily topped as over 4500 investors stepped up to back the firm via the online investment platform.
While the offering is sold out, the firm is hosting a wait list for retail investors with a separate Reg D offering being made available to accredited investors.
A certified B Corp based in Santa Cruz, California, Steeped Coffee is a company that aims to provide a high-end single-serve coffee experience minus the capsules and machines.
Steeped Coffee servings are made like tea with a bag that uses a proprietary process to prepare the brew. All you need is hot water.
Steeped has previously raised $5 million in venture capital and reports over $1 million in revenue in the past 12 months.
The target customer is not just individual users but hotels, and other vendors while licensing its technology to other companies.
The company currently boasts a roster of over 400 licensed roaster clients, including names like Red Bay Coffee, Counter Culture Coffee, Andytown Coffee Roasters, Anodyne Coffee, Barista Parlor, Tinker Coffee and many more.
Josh Wilbur, Founder and CEO, said:
“With these new brand advocates behind the Steeped vision, we are so excited to continue to drive positive change in the coffee industry.”
The company said the additional funding will be used to boost the firms growth, providing its compostable single-serve brewing method to more consumers.
