Coffee chain Blank Street is understood to be in early talks to raise funds of $100m (£75.3m) or more as it looks to expand amid soaring popularity.
People close to the situation told the Financial Times that the café business could reach a valuation of almost $1bn (£753.5m). Last year, Blank Street was valued at around $500m (£376.6m).
However, the sources noted that discussions were in initial stages and that the valuation and funding target had not been confirmed.
The coffee company currently operates 46 stores in the US, with the first launching in New York in 2020. In the UK, Blank Street operates around 50 sites, having unveiled its first London locations in Fitzrovia and Shoreditch in 2022. It now operates in multiple UK cities, including Manchester, Birmingham, Edinburgh, Glasgow, Leeds and Cambridge.
In 2024, the UK arm achieved profitability for the first time, delivering pre-tax profits of £1.3m, while turnover surged by 214% to £35.8m.
Blank Street has gone viral on social media platforms in recent years, following its expansion and the launch of new flavours in its range of matcha drinks. Recent menu additions include Lemon Loaf Matcha, Cherry Glaze Matcha and Banana Bread Matcha.
While Blank Street is known for its creative flavours, it is not the only UK coffee chain investing in its matcha offerings.
From June to November 2025, Caffè Nero saw iced drink sales climb 50%, with matcha responsible for driving 85% of the increase.
Meanwhile, Starbucks rolled out a new Pistachio Matcha Latte to its menu in December and Costa Coffee expanded its matcha latte range to all stores nationwide in January as it looked to win over Gen Z shoppers.
In February, Greggs became the latest food-to-go chain to jump on the matcha trend, launching a new iced matcha range in shops nationwide in flavours including vanilla and strawberry.
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