Howard Schultz, the former chief executive of Starbucks Inc., is making a return to the coffee industry through an investment in Cumulus Coffee, a New York City startup. Cumulus is focused on providing consumers with the ability to make cold brew coffee at home.
The startup recently announced that it has successfully secured $20.3 million in seed funding from various investors, including Valor Equity Partners, Maveron, Linden Ventures, pop rock band OneRepublic, and entrepreneur Carter Reum. Schultz's investment amount has not been disclosed.
Cumulus is capitalizing on the growing demand for cold brew coffee. Schultz stated in a press release, "Coffee preferences have undergone a significant transformation in recent years, with a majority of consumers now favoring cold over hot coffee. Cumulus has a tremendous opportunity to offer high-quality cold coffee beverages for home consumption and raise the standard for cold brew coffee industry-wide."
Mesh Gelman, the founder and CEO of Cumulus, has an extensive background in the coffee industry, having held senior positions at Starbucks for over six years. Gelman highlights the massive potential of the cold coffee market, with approximately 75% of American coffee drinkers now leaning towards chilled beverages.
Cumulus has developed a compact machine that utilizes recyclable aluminum capsules to produce a 10-ounce serving of cold brew coffee, including options for nitro cold brew and cold-pressed espresso. With just a push of a button, users can enjoy their favorite cold coffee creations in under 45 seconds.
For more information on the latest developments in the coffee industry, read: Starbucks’ stock soars 10% after earnings crush estimates as U.S. consumers opt for pricier drinks
With Howard Schultz's investment and Cumulus Coffee's innovative approach to cold brew coffee, the company aims to revolutionize home brewing and set new standards in the world of chilled coffee beverages.
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