Coffee chain Tap Coffee has failed in its bid to raise £400,000 via crowdfunding to grow its direct delivery business and store estate.

The £1.3m turnover business was seeking the cash on Crowdcube for 16.7% of the firm, valuing it at £2.4m. It later upped the equity offer to 20%, bringing the valuation down to £2m, but on the final day had raised just £86k from 93 investors.

Crowdcube confirmed “the pitch expired before reaching its target”.