Wakuli secures €5.2m in Series A to expand specialty coffee footprint

Amsterdam-based Wakuli, a company offering high-quality specialty coffee, has secured €5.2M in a Series A funding round to drive outlet growth in the Netherlands and expand its ecommerce business.

Transaction snapshot

  • Deal value: €5.2M
  • Deal multiples: N/A
  • Deal type: Series A
  • Investors: Led by Icecat Capital, with participation from existing shareholders Rubio, ABN AMRO Sustainable Impact Fund, and angel investor Arnoud Aalbersberg.

Founded in 2019 by Lukas Grosfeld and Yorick Bruins, Wakuli aims to make specialty coffee a household choice. The company sources coffee beans directly from smallholder growers in 15 countries and roasts them using eco-friendly methods. By shortening the supply chain, Wakuli delivers fresh specialty coffee at competitive prices.

Wakuli has expanded with six stores in Amsterdam and one in Utrecht in the past 18 months, with plans for eight more openings this year. The company intends to continue this growth pace until 2025, using these outlets to introduce specialty coffee to a wider audience and gain market share.

Martijn Hoogeveen, from Icecat Capital, says he is leading this investment because he sees the success of Wakuli's strategy firsthand. Hoogeveen, a software and ecommerce investor, sees that brands combining online and physical presence outperform those solely focused on one or the other.

Wakuli's growth plan combines online and physical coffee bars, following an omnichannel strategy. Co-founder Grosfeld says, "Opening a new store adds around 15,000 new customers. Additionally, website visits and conversions from that region also increase, resulting in a growth in online customers."

The company plans to expand its presence in the Netherlands before exploring neighbouring countries in the coming years.

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