Third Wave Coffee Secures $35M Series C Funding from Creaegis & Partners
In a testament to the burgeoning specialty coffee industry, Third Wave Coffee, a leading specialty coffee retailer, recently announced that it has raised $35 million in a Series C funding round. Leading the pack of investors is Creaegis, accompanied by a diverse group of backers.
Founded in 2015, Third Wave Coffee has been at the forefront of the “third wave” movement in coffee, which emphasizes transparency in sourcing, sustainability, and a focus on the unique flavors of individual coffee beans rather than commodity blends.
The company has made its mark by curating high-quality, single-origin beans, providing coffee enthusiasts with a rich and diverse palette of flavors.
With outlets in major cities across the US and a strong online presence, Third Wave Coffee has positioned itself as a premier destination for coffee connoisseurs.
QSR coffee and food brand Third Wave Coffee revealed that it has secured $ 35 million in a Series C fundraising round, which was headed by Creaegis and included previous investors. The funds will be used by the business to expand across the nation, strengthen its supply chain, improve capabilities, and make technological improvements.
“We are thrilled to have Creaegis lead our Series C fundraise with participation from our existing investor Westbridge Capital and angel investors like Sujeet Kumar,” stated Sushant Goel, co-founder and CEO of Third Wave Coffee. We think one of the fastest-growing consumer segments in the nation is the coffee-first QSR sector. Over the past year, we have more than doubled in size and carefully increased our reach across the country.
Ayush Bathwal, Anirudh Sharma, and Sushant Goel founded the business in 2017, and it already has more than 100 locations. Along with involvement from renowned angel investors, WestBridge Capital led a $21 million Series B investment in the business in May 2022.
Third Wave Coffee is quickly becoming one of India’s most adored brands, living up to the nation’s expectations, according to Prakash Parthasarathy, Managing Partner & CEO, and Nitish Bandi, Partner, Creaegis. We are thrilled to assist the management team as they enter their next chapter of development and work to create a household name in India.
“We have been quite impressed with the tremendous traction and customer love that Third Wave Coffee has generated across major cities in India,” said Sandeep Singhal, Managing Partner at WestBridge Capital. We are eager to deepen our relationship with the business and work towards significantly expanding both the footprint and customer experience.
Over 100 cafés make up the Third Wave Coffee network, which just marked its seventh year. Bengaluru, Mumbai, Delhi, Gurgaon, Pune, Hyderabad, Noida, Coonoor, and Chandigarh are among the cities where it is present.
The $35 million Series C funding round saw participation from both new and existing investors.A renowned venture capital firm with a penchant for backing consumer-focused startups.– An investment group that specializes in supporting coffee and tea enterprises globally.Several high-net-worth individual investors, demonstrating the wide appeal and belief in Third Wave Coffee’s growth story.
Creaegis, known for its astute investments in sustainable and innovative businesses, sees potential in Third Wave Coffee’s commitment to ethical sourcing and its endeavor to create a holistic coffee experience for customers. In a statement released post-funding, Creaegis lauded Third Wave Coffee’s commitment to “reshaping how the world perceives and consumes coffee”.
Their investment, therefore, is not just a vote of confidence in Third Wave Coffee’s business model, but also an endorsement of the broader third wave coffee movement.
Third Wave Coffee plans to deepen its roots in existing markets and branch out into new cities, both domestically and internationally.A portion of the funds will be directed towards enhancing their online platform, incorporating AI-driven recommendations, and improving the overall digital customer experience.
Third Wave Coffee aims to solidify its relationships with coffee farmers, ensuring that they are paid fairly while investing in sustainable farming practices.There’s also a plan to venture into related products and accessories, providing a comprehensive coffee experience to their clientele.
This significant funding round is a positive sign for the specialty coffee market at large. It indicates that investors see potential in businesses that prioritize quality, sustainability, and a direct relationship with producers.
Such investments could pave the way for more specialty coffee enterprises to emerge and thrive, shifting the global coffee industry towards more sustainable and consumer-centric practices.
The $35 million Series C funding secured by Third Wave Coffee is more than just a financial milestone; it represents the evolving dynamics of the global coffee industry.
As consumer preferences shift towards quality and sustainability, businesses like Third Wave Coffee are perfectly poised to lead the charge. With the backing of formidable investors like Creaegis, the future looks bright for Third Wave Coffee and the specialty coffee industry as a whole.
