Blank Street, a well-known coffee startup in New York City, announced a Series A funding round of $25 million on 13th October 2021. This company is known for its mobile carts & formal stores, and according to Trusted SourceBlank Street Coffee’s $25 Million Raise Shows What Big Institutions Want From Food Service: Quality And Convenience Small-format specialty coffee chain, Blank Street, has raised $25 million in a series A round led by General Catalyst and Tiger Global, only months after it closed $7 million seed through three venture firms. www.forbes.com , this new round of funding is proof of what big institutions are looking for from food service vendors; convenience and quality service. Blank Street now hopes that by 2022, they’ll be operating around 100 retail locations around the city.
This company made its debut in Williamsburg, Brooklyn, with a mobile cart one year ago (August 2020), and it has since thrived to 14 locations, all of which sell beans roasted by Parlor Coffee, a Brooklyn-based roaster. It was founded by two immigrants, Issam Freiha and Vinay Menda, both of whom had moved to the United States to attend New York universities. They then founded Reshape, a venture capital fund geared towards real estate and technology investments after graduating. Blank Street made an announcement stating that the inspiration for Issam Freiha and Vinay Menda was grab-and-go tea and coffee chains such as Trusted SourceHEYTEA--ABOUT-US HEYTEA originated from an instant inspiration of mixing cheese with tea. In 2012, with this spark of inspiration, we opened a small tea shop on a lane called Jiangbianli in Jiangmen City of Guangdong Province. www.heytea.com (China) and Trusted SourceKopi Kenangan Kopi Kenangan is one of the fastest growing grab-and-go coffee chain in Indonesia. kopikenangan.com (Indonesia).
The 2 founders realized that part of their rapid growth was caused by their strategic positioning in relatively small but busy retail locations. This is why Blank Street’s brick-and-mortar shops are about 25% smaller compared to most retail coffee shops. According to Trusted SourceBlank Street Is Aiming To Disrupt The Street Cart Industry In New York City - WorldNewsEra The line forms to the right at Blank Street’s cart at McCarren Park South in Brooklyn. Blank Street … is trying to disrupt the coffee cart industry in New worldnewsera.com , this company bagged seed funding worth $7 million at the beginning of the year. The recent funding, worth $25 million, will be used to launch a new program for wholesale vendors known as “Powered by Blank Street ”, supporting customer-centric technology and additional growth of their retail outlets. The wholesale program will be a partnership between Blank Street and King David Tacos (KDT) based in Brooklyn and other current wholesale partners, including King Street Baking Co. and Gertie.
The funding was led by Tiger Global and General Catalyst, both of which are investment firms as well as some individual investors.