BUCHAREST (Romania) – Venture capital fund Mozaik Investments said it has acquired 35% of Romanian coffee shops chain 5 to go for an undisclosed sum. By 2020, the chain plans to open 100 new locations and employ over 300, Mozaik Investments said in a press release on Monday. Also it aims for a turnover of over 12 million euro ($13.4 million), up from 9 million euro expected for 2019.
The business model of 5 to go will remain the same, it added.
The partnership will support the already established development objectives such as increasing the number of units at a local level,as well as expanding towards regional markets.
“In the context of an effervescent international market, this transaction confirms the potential of 5 to go and gives even more confidence to entrepreneurs to access a franchise based on a successful partnership,” 5 to go co-founder Radu Savopol said.
5 to go was founded in 2015 by Romanian entrepreneurs Radu Savopol and Lucian Badila and currently operates close to 150 locations.
Mozaik Investments is a privately-held investment company with offices in Vienna, Bucharest and Bratislava.
