Frankly Bubble Tea: one million euro capital increase
Objectives: development on the territory and digitalization of the business
Frankly, the Italian Bubble Tea chain with a strong international footprint, announces that it has closed a capital increase of one million euros to further develop its business in Italy. The objectives are the opening of at least 3 new stores by the end of the year in Turin, Pavia and Padua, in addition to the 7 already operational, the digitization of the company (through the development of an app that allows you to place orders and to accumulate points thanks to a loyalty program) and the introduction of new staff.
Frankly, born in 2017 in Milan from an idea by Franco Borgonovo and Lati Ting, is the brand that made bubble tea known, a drink born in the 1980s in Taiwan, Italy: a "tea with bubbles" that you like much to the youngest, thanks to its colorful look and infinite customization possibilities, but it is starting to intrigue even the Millennials. One of the food & beverage trends of the next decades, so much so that the global market, which today is already worth $ 2.2 billion, plans to reach 3.5 by 2026, driven by the European boom.
Frankly already has seven stores in northern Italy (four in Milan, one in Turin, one in Bologna and one in Bergamo), 55 employees and over 1 million drinks served every year. At the end of 2020 the company also launched the e-commerce channel, where it is possible to buy and receive at home some of the natural raw materials used in the shops (from black tea to matcha up to fruit syrups, and toppings of pearls of tapioca or popping bobas, characteristic fruit balls) as well as kits to make the drink at home.
“We are very happy to have closed this important capital increase. It means that investors appreciate what we have done so far and strongly believe in the growth prospects of our company", explains Borgonovo."In addition to continuing growth in Italy, where we are now mainly present in the north-west regions, we have an even more ambitious project: to internationalize our brand, taking it beyond national borders, starting from the end of next year".
EFA News - European Food Agency