Redemption Roasters remains ‘well positioned’ to triple sales over next three years after closing a £2.7m investment round.
The World Coffee Portal reports that new funds will enable the specialty coffee chain to open four new outlets in the coming months, scale its prisoner rehabilitation programme, and expand its wholesale business, which currently includes clients such as KPMG, Meta, and Amazon.
Redemption Roasters, founded in 2016, now has a pre-money valuation of £22m and 10 stores across London. It plans to open a further 17 sites across the capital by 2026.
It has achieved 60% sales growth year-on-year since 2019 and forecasts revenues upwards of £25m by 2026.
The group works to rehabilitate prisoners and prison leavers by providing barista skills training within UK prisons.
The investment round was led by Macquarie Group Foundation, R&Co4Generations and Barrow-Cadbury Trust. It includes investment from the business’ crowdfunding campaign launched in November 2023.
Co-founder Max Dubiel said: “As a purpose-driven business that has achieved phenomenal growth, we are very excited about this next chapter in our journey. The proceeds will drive further growth of our brand and help us achieve even greater profitability through scale. This will also enable the business to do more to help prison leavers and further deliver on our wider social ambitions to support coffee producers throughout the world.”
