The bubble tea phenomenon has begun
Frankly’s crowdfunding campaign, the first Italian bubble tea chain, has recorded a +148%
Bubble tea has won investors over. The proof comes from the equity crowdfunfing campaign organized by Frankly, the first Italian bubble tea chain: in less then a month, the campaign went into overfunding with a sum total of more than 1,2 million euros that overcame the initial goal by +148%. The campaign will be extended until the 7th of July: the new maximum goal of a total sum of 1,5 million euros.
With the resources gathered, Frankly aims for the expansion and the internationalization but also aims to broaden its team and to develop the digitalization of business: achieving this with the creation of a owning customer base and a system that will reward the most loyal clients.
‘We’re proud of how the campaign is going – explains Franco Borgonovo, co-founder of Frankly with Lati Ting – ‘It means that investors believe in us and that the Frankly project is solid and able to transmit trust even to who watches it from outside. We have built the project on two principles: firstly sustainability, both economic and environmental. The stores, fully plastic free, will break-even in less than 3 years. Then, the quality of the raw materials, for a natural product: artificial flavorings are off the table, and, depending on the client’s selection, the beverage can also be completely sugar free’.
Frankly has just underwent a 1st trimester record: the income has increased of 236% compared to last year’s, establishing the brand as leader in Italy in the bubble tea market. As of now, eight stores have opened in Italy. There’s 4 just in Milan, one of which, located in the Central Station, opened at the end of last January, has registered more than 21 thousand drinks only in the month of February. Other stores have opened in Bergamo, Pavia, Torino and Bologna.
"We want to consolidate our presence in Italy - states Borgonovo -, with the opening of 24 new stores in the next two years: then we intend to use the entry into the European market in the coming years with the ambition of becoming a point of reference by 2025 ".
There are over 70 employees for a turnover which in 2021 amounted to 2.3 million euros but which, when fully operational, in 2022, should exceed 3.5 million. do not forget e-commerce, through which it frankly distributes kits, products, ingredients and accessories for "do it yourself" Bubble Tea throughout Italy, and soon throughout Europe.
Born in Taiwan in the 1980s, Bubble Tea has quickly become a globetrotting product - says Borgonovo-. He traveled from Asia to North America, between the United States and Canada, with the first generation of Asian-Americans, where today it is consolidated as a drink with an international character. Over the years it has entered Europe, which is by far the fastest growing market for the beverage.
EFA News - European Food Agency