A development blitz by so-called third-wave coffee concepts is likely to accelerate following an injection of $45 million in private-equity capital into one of the brands, San Francisco-based Philz Coffee, Forbes reported this morning.
The 34-unit chain plans to branch into Boston, after securing an East Coast beachhead through a recent entry into Washington, D.C.
Other contestants in the field include Blue Bottle, which has drawn more than $120 million in development capital; Sightglass; and Stumptown, which is owned by Peet’s.
Philz has raised $75 million in total, Forbes reported. The latest capital infusion came from TPG, a former co-owner of Burger King.