Photo courtesy Philz Coffee
Philz Coffee secures expansion capital
San Francisco Bay Area roaster/retailer Philz Coffee plans to open new stores throughout the United States. It now has another $45 million investment.
The company recently closed on Series C funding round with plans to add stores in major metropolitan markets throughout the United States. Philz c.e.o. Jacob Jaber, who made the announcement, said the effort was led by TPG Growth investment firm.
Philz added two key TPG people - co-founder and co-c.e.o. Jim Coulter and partner Sanjay Banker – to the Philz Board of Directors. The company has raised more than $75 million since 2012.
Philz currently operates 29 retail locations in the San Francisco Bay Area with another eight operating or in development in Southern California. There are two stores in Washington, D.C., and expansion into the Boston market is coming soon.
Jaber told Inc.com the expansion will carefully orchestrated as they open one new coffee shop at a time.
“We don’t think in terms of numbers. We think in terms of success in every community that we’re in,” said Jaber. “We’re expanding to Boston next year, and we want to do a good job there. If we do a good job, we want to maybe enter another city, and then, another one after that. It’s really just one at a time.”