Black Medicine Iced Coffee, innovator of the first pressure brewed RTD coffee, is announcing completion of an oversubscribed $1 million fundraising round on CircleUp, the leader in online marketplace investing, focusing on early stage, innovative consumer products companies. Says Founder and CEO Chris Cooper: “We are thrilled to have nearly doubled our goal, successfully raising $1M to accelerate the brand’s Western U.S. expansion and bolster our resources to support rapid growth. We are very impressed with the quality of CircleUp’s service and online platform.”
“While the coffee category has continued to see innovation and new products for years, Black Medicine managed to bring something entirely new to the market with its unique pressure brewing, which really makes the product pop,” said Ben Lee, Director of Business Development at CircleUp. “The unique product, combined with their sheer velocity of sales, led Black Medicine to raise one of the fastest rounds CircleUp has seen to date.”
Black Medicine’s past 6 months’ sales through May 2016 have increased 68% over the previous comparable period. During the last few months, Black Medicine has significantly expanded its distribution footprint in the Pacific Northwest market, increasing the brand’s presence to over 700 stores across leading natural, specialty and grocery retailers such as Whole Foods Markets, New Seasons and Safeway. In the brand’s core Northern California market, according to the past 52-week SPINS data for Safeway, Black Medicine’s Iced Coffee is the #1-selling unsweetened single-serve cold coffee, and its Iced Latte is #2. Black Medicine is Safeway’s #3 refrigerated coffee brand overall.
Black Medicine is redefining the RTD coffee experience by offering uncompromising taste as a result of its proprietary pressure brewing process, which keeps oxygen out and allows for a fuller extraction from the coffee, resulting in a more balanced, smooth and flavorful experience than standard cold brews. “Our rapid growth since we first launched Black Medicine 2 years ago has been driven by strong consumer demand, leading to increased velocity and distribution within leading natural, specialty and grocery food retailers,” explains Chris Cooper. “We are seeing significant interest among cold coffee loving drinkers who consistently cite the brand’s bold package design, delicious all natural taste, and extra-strength caffeine content as reasons for making Black Medicine their preferred ready to drink cold coffee option.”