Speciality coffee chain WatchHouse has secured an investment of £7.9m ($10m) in its latest funding round to grow its store count in the UK and the US.
The funding round was joined by new and existing investors of the London-based boutique operator, the company’s CEO Roland Horne said on LinkedIn.
Horne commented: “As part of our Modern Coffee mission, this marks a further significant step to bring the best coffees to the world. The injection of growth capital will power the expansion of our estate in the UK and the US, in addition to supercharging our e-commerce platform to keep pace with our rapid and sustainable growth.
“Looking ahead, our focus remains steadfast on quality, innovation and financial sustainability as we scale.”
The company plans to use the investment to reach its goal of more than 500 locations worldwide by 2033.
WatchHouse will open new stores in prominent London neighbourhoods such as Canary Wharf, Fitzrovia, Marble Arch and Hampstead, in addition to its impending US debut.
The brand is also exploring further regional expansion within the UK, following the opening of its first non-London site in Bath in July 2023.
There are three more US locations currently in the pipeline.
The company has reported strong sales in the most recent quarter and is forecasting a 60% increase in year-on-year sales for the financial year ending July 2024.
If these targets are met, WatchHouse's turnover is expected to pass £20m, with projections indicating a potential rise to £40m by 2025, according to World Coffee Portal.
