Budget coffee chain EasyCoffee is is set to ramp up its store opening programme across the UK following a successful £2m raise. The funding, which was led by private equity group Jaguar Alternatives, will be spent on building its largest store to date in Dartford as well as possible new outlets in Liverpool, Manchester, Cardiff and Swindon.
This latest raise values the business at £15.5m and follows a successful launch and first round investment by Al-Dhowayan, a Saudi investment group.
Vending machine trials have also been taking place over the last year and the brand is now ready to grow this part of the business with potential in shared workspace environments and major retail chains currently without a coffee outlet.
Spar retailer Raj Aggarwal has become one of the first independents to install an EasyCoffee vending machines in his Wigston (Leicester) and Hackenthorpe (Sheffield) stores. The machines will run on a revenue-share basis.
EasyCoffee is part of the easy family of brands (easyJet, easyHotel, easyGym, easyCar), founded by British Cypriot entrepreneur Sir Stelios Haji-Ioannou.
A cup of coffee currently sells for £1 in its shops, less than half the price of rivals like Starbucks, Costa and Cafe Nero.
EasyCoffee already has a flagship store in Leicester Square, a coffee training and product development store in Covent Garden
