A fast-growing local coffee startup – born out of a crowdfunding campaign three years ago – is filling its cup with a much larger round of new capital.
Richmond-based Convergent Coffee Co., which sells canned cold brew coffee and until recently was known as Confluence Coffee Co., last month completed a $2.3 million fundraising round.
The money was raised through 19 investors, according to SEC documents. The equity raise began Dec. 29 and closed Feb. 12 with a minimum of $50,000 accepted from individual investors.
The new capital will be used for adding staff to its Richmond headquarters near The Diamond and its Denver office, as well as expanding its marketing.
Convergent was launched as Confluence in Richmond in 2015 via a $10,000 Kickstarter campaign that ultimately raised $11,500.
The company distributes to more than 350 locations mostly on the East Coast, including 35 in Richmond. Last year it announced plans to expand nationally, prompting it to rebrand in order to avoid a potential trademark issue with a similarly named Iowa beer company.
The dispute never went to court, and Convergent has since filed for a trademark on its new name.
The company is working with Colorado-based Cultivator Advertising & Design on a visual rebranding that it will roll out this spring.