Franchising
Millennial-owned cafe raises nearly $200K in crowdfunding investments
Citizens Cafe, an Australia-inspired coffee shop based in NYC, hopes to raise $5 million to fuel national expansion.
February 10, 2021 by Cherryh Cansler — Editor, FastCasual.com
A few days after launching a crowdfunding investor campaign on the global platform, Republic, New York City-based Citizens Cafe has raised nearly $200,000 in public and private funding. It's only just begun, however, as the funding platform is open for two more months.
"Working with such an innovative company like Republic, allows us to grow in an unconventional way," Citizens COO and Co-Founder Andrew Geisel said in a company press release. "The support we've received over since opening our first store four years ago has been amazing, and we want to reward our loyal locals and followers by giving them a chance to be part of our growth and have equity in a brand they love."
How it works
Customers may invest as little as $100 in the four-unit coffee chain after signing up on Republic, which has featured Elon Musk's SpaceX and Robinhood.
The investment pays for itself, according to Citizens co-founder and CEO Justin Giuffrida, who said people receive freebies based on how much they pledge.
"We're excited to officially invite those who believe in the Citizens brand along for the journey as we plan to expand not only in New York but throughout North America over the next several years," he said.
In under four years, the 29-year-old Aussies living in New York City have opened locations in Chelsea, Gramercy, Soho and Greenwich Village. They recently added a central production facility and corporate head office in the East Village and are on target to open five cafes by year's end.
Their ultimate goal is to raise $5 million to fuel national expansion, however.
At the completion of the Series A expansion in which the Republic campaign is part of, the chain plans to have 40 cafes in nine major markets across America.
To make that happen, Geisel — who spent years working with one of Australia's premier coffee companies — and Giuffrida — who has a decade of experience building top-tier brands within the specialty coffee, food and wellness industry — have developed a three-phased expansion plan to help the company achieve an annual run rate of $80 million and get on a path to an PO.
"We are a community-first, culture-driven company, which is reflected in this investment campaign and how we intend to grow our brand with the help of our community," Giuffrida said.
The chain's tiered investment perks on Republic include:
- $100: 5 Free coffee or cocktails.
- $250: 10 Free coffee or cocktails.
- $500: 10 Free coffee or cocktails: Invest $500, and receive five free brunches, worth $150 loaded onto your Citizens Green Card.
- $1,000: Free coffee or cocktail for a year: Invest $1000, and receive a Citizens Investor Card, loaded with a free coffee or cocktail every week.
- $2,500: Free brunch for a year: Invest $2500, and receive a Citizens Investor Card, loaded up with a free brunch every week.
- $5,000: Free coffee or cocktail for life: Invest $5,000, and receive a Citizens VIP Investor Card, loaded with a free coffee or cocktail every week for life.
- $10,000: Free brunch for life: Invest $10000, and receive a Citizens VIP Investor Card, loaded with a brunch every week for life.
Photos provided by Citizens Cafe
About Cherryh Cansler
Related Media
FranchisingPresented ByJeff's Bagel Run
Subscribe
Get the latest news and resources from Fast Casual.
