End of Year Update
Dear WeFunder Family,
Here are a few updates on how things are going with our raise and overall growth.
Just got word that Red Bay Coffee is being considered to serve coffee to President Obama this February in Oakland at the first national convening of the My Brothers Keeper organization. I’ll keep you posted.
Our Oakland International Airport retail coffee deal was just announced in the S.F. Chronicle last week. Whoop whoop! We will be building out the space during 2019 and begin service in 2020.
Big News: We recently earned the 2019 full campus Facebook coffee service account. This is a huge deal as it will more then double our entire output for next year. The total anticipated revenue generated is anticipated to be north of $1.6M. First order will be delivered this December 24th. We are currently working and planning to successfully execute this contract. We did have the good fortune last year to have a modest Facebook contract servicing several of their Menlo Park cafeterias. Nothing to the scale of this but it did give us an insight into what it will take to pull it off. Their first order alone is 24,000 pounds. That is what we normally do in 3 months. We will be hiring five additional employees to help us manager the account.
We are on the verge of closing our Series A funding round of $8M before the end of the year. We will use this capital to expand our retail reach and manufacturing capacity. Lots more interesting details to share once round is closed. Next stop, Los Angeles.
We plan on reserving up to $1million of the raise for equity crowd funding. If you are interested in owning an equity stake in Red Bay Coffee stay tuned for details. We will announce the campaign in January 2019.
It is with a sense of pride and gratitude that we would also like to announce to our WeFunder investors that Red Bay Coffee will commence payment on our 2016 revenue sharing campaign no later then January 30th, 2019. We thank you for believing in our mission and backing our growth with your dollars.