Shoreditch Grind stirs up £1.3m from the crowd
Espresso and cocktail chain will use Crowdcube mini bond to expand across London with new site set to open in Covent Garden
Shoreditch Grind, a day-to-night espresso bar, cocktail bar and recording studio, has closed £1,294,000 through a mini bond on crowdfunding platform Crowdcube – smashing its initial £750,000 target.
Over 471 investors contributed to the round, with £60,000 being the largest sum invested, for the four-year term of the bond.
Founded in 2011 by David Abrahamovitch and Kaz James, Grind runs four espresso and cocktail bars across London, including Shoreditch, Soho, Holborn and London Bridge – and will open a fifth site this summer in Covent Garden.
The finance will be used to support this site expansion and build a ‘state of the art’ coffee roastery.
On its crowdfunding page, Grind commented: “Since that first day in 2011, it’s been the support of our customers that has driven us to where we are today, and we knew we had to allow them to fund our next stage of growth.
“Grind has always been about doing things our own way, and a little differently, and this disruptive approach to fundraising really resonated with us.”