Reformed bags $22M Series A as functional coffee brand targets $100M ARR on 14-person team — TFN

Reformed, a UK-based coffee and matcha brand, has raised an oversubscribed $22 million Series A round led by IRIS Ventures.

In just 20 months, the two-year-old brand reached $70 million in annualised revenue. About half of this comes from repeat customers, and 80% place a second order.

Co-founder Neil Marrakchi told TFN the company is aiming for a $100 million run rate by the end of the year. He did not share margin figures and said that a sale to a strategic buyer such as Nestlé or Danone is possible.

Two years ago, Neil Saada and Neil Marrakchi set out to make coffee more nutritious without changing how it tastes. That idea has scaled to $70 million in annualised revenue in 20 months, and is now a $22 million Series A led by IRIS Ventures, an international growth equity firm focused on next-generation health and wellness consumer brands.

JamJar Investments, V3 Ventures, and FoodLabs, all investors in Reformed‘s previous round, followed on, and the round closed oversubscribed.