Capital Teas Inc secures $5M in Series A funding round
Capital Teas Inc obtained $5 million for its Series A financing round, a statement about the funding said.
The investment came from Pear Tree Partners LP, its new investor partner. Co-Founders Peter and Manelle Martino will still have control of the American specialty tea company. Proceeds from the round will be utilized to add to the number of its retail outlets and sales channels in the US to meet the increasing demand of US consumers for specialty teas. It will also be used to grow its footprint in new areas, improve online sales and hasten wholesale sales to hotels and restaurants. It is intent on investing in expansion and innovation in the high quality teas segment as it is one of the leading providers of specialty teas in the US, the statement said.
Capital Teas Co-Founder and Chief Executive Officer Peter Martino said in the statement, "We have an ambitious plan, but we are blessed with a strong team, a great product line, an amazing heritage in the tea trade, and now a superb investment partner. This funding will not only help us expand faster, but will permit us to ensure a cohesive brand presence and customer experience at all of our stores, and to continue to attract talented staff looking for the opportunity to lead in the specialty tea market."
The company was established in 2007, operating only a single retail store in Annapolis until 2010. From that time, its retail locations have reached five in addition to its headquarters and warehouse in Annapolis. In the spring, Capital Teas will be opening an outlet in Washington, DC, with more store openings planned for 2014. One of its unique attractions for customers are the multi-sensory sniffing walls that invite clients to "Stop and smell the teas." Its newer outlets also feature in-store tea bars where customers can sit and drink their beverage, the statement said.