MMC Ventures leads £2m funding round into Pact Coffee

Read the full press release below or see the coverage via TechCrunch,Financial Times, Tech City News, Startups.co.uk, Who Got Funded and Tech Investor News.

 

11th August 2014, London: Pact Coffee, the leading subscription coffee business, has today announced a £2m Series A funding round, led by MMC Ventures. This funding round sees MMC join existing investors Connect Ventures, as well as angel investors Ian Hogarth, founder of Songkick; Robin Klein of Index Ventures; and Rowan Gormley, founder of Naked Wines.

Founded in 2012 by Stephen Rapoport, Pact Coffee delivers freshly roasted coffee from around the world to their community, with the aim of getting the UK drinking better coffee. Based in Bermondsey, the Pact team is 32 strong, as the company has shown significant growth since raising seed funding in March last year. This latest funding round will see a further push around talent, as the business looks to double the eight-person product team.

Stephen Rapoport, founder of Pact Coffee, said of the funding: “I’m delighted to be announcing our Series A funding and am very proud of the calibre of investors who share in our vision of building friendships through flavour, technology and craft. The investment will be used to accelerate already exceptional growth, as well as growing our team from 30 to 50 in the UK.”

“This model is not as simple as it looks from the outside; the frictionless customer experience has taken 18 months’ hard work and we are still just 5% of the way there. Pact’s success is dependant on maintaining the world-class quality of our team, and the strength of our board and advisors.”

Camilla Dolan, Investment Manager at MMC Ventures, said: “MMC is delighted to be working with Stephen, a seasoned entrepreneur and early advocate of community based consumption, and the rest of the Pact team. Pact has a rare ability to connect with customers, improving users everyday lives by turning the coffee experience from the mundane into a cherished moment. Pact’s focus on quality and community building is, to us, what sets Pact apart from other subscription businesses we have seen and was key to our decision to back the team.”

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