The company plans to open its inaugural overseas WatchHouse in New York on 5th Avenue early next year and says it has three more transatlantic sites in the pipeline.
In London, WatchHouse has secured sites in Hampstead, Fitzrovia, Marble Arch and Canary Wharf, which are all due to open in 2024.
Led by founder and CEO Roland Horne and advised by Bosham Capital Advisors, funds were raised from a ‘high-quality’ mix of family office and high-net-worth investors in the UK, Europe, Asia, South America and the US with existing follow-on support from venture capital backers Edition Capital.
These funds will primarily be used to drive continued expansion of the coffee house estate as well as WatchHouse’s e-commerce platform.
WatchHouse says it is on a strong financial trajectory, projecting a +60% year-on-year growth in FY24. Turnover is forecasted to exceed £20 million in FY24 and £40 million by FY25.
The projected House EBITDA by FY25 stands at £8.4 million, ‘underscoring the financial robustness of the business’.
