SANTA CRUZ, CALIF. – Specialty coffee brand Steeped, Inc. raised $5 million in less than two days through its crowdfunding campaign on republic.com. More than 4,500 investors back the company, which has developed a brewing method using fully compostable single-use sachets, similar to tea bags.
Certified B Corporation, Steeped uses ethically sourced beans that are roasted in small batches and sealed to preserve their freshness. The company has licensed its technology to hundreds of coffee brands and has nationwide distribution in grocery stores, hotels and corporate offices. Steeped has generated over $1 million in revenue over the past 12 months.
Josh Wilbur, Founder and CEO, pioneered the concept to provide a sustainable, convenient alternative to single-serve brewing methods that require bulky, expensive equipment or plastic pods.
“We had to innovate to consider a number of factors such as sourcing ethical and quality beans, getting the right grind size and density, maintaining the freshness of ground coffee , controlling the water permeability of the filter and ensuring that everything we do is environmentally sustainable,” Wilbur said when the brand debuted five years ago. “It turns out that there were a lot of challenges to overcome to make something so simple work.”
Steeped has previously raised over $5 million in capital and is backed by a venture capital firm. The crowdfunding campaign has reached its maximum fundraising goal; however, potential contributors can join a waiting list for the opportunity to invest, Wilbur said.