tap coffee

Coffee chain Tap Coffee has launched a crowdfunding push to raise £400,000 to grow its direct delivery business and its store estate.

The £1.3m turnover business, which currently has three central London outlets, is seeking the cash on Crowdcube for 16.7% of the firm, valuing it at £2.4m. It plans to use £50k of the proceeds to ramp up its web and mobile store for home brew coffee beans, with the rest going towards two new stores over the next 18 months at a cost of about £200k per site.

Tap also supplies coffee beans wholesale to speciality shops and retailers. It aims to grow to 10 sites by 2020 and predicts £3.4m revenues by 2018/19.

Last year it made a pre-tax profit of £49k and predicts this will rise to £265k by 2018/19.

Meanwhile, Speciality tea brand Positivitea has successfully raised £75k on the Crowdcube platform to increase marketing support and grow its UK sales.

A total of 166 investors backed the pitch for 9.3% of its equity and it now overfunding having currently raised £92.5k.