Blank Street raises nearly $105 million and expands into Los Angeles with a Studio City cafe. A Form D dated Aug. 24 lists a $104,999,981 offering, fully sold to six investors, with the first sale on Aug. 7; the Aug. 12 opening is the chain’s 106th location, with Beverly Hills, West Hollywood and Malibu to follow.
Blank Street has opened its first Los Angeles store in Studio City, drawing lines that wrap the interior. The venture capital-backed chain’s automatic machines are rated for eight simultaneous espresso shots and up to 700 shots an hour. Local reactions split between customers who value the speed and residents concerned about pressure on independent cafes.
Blank Street announces its West Coast entry, planning four Los Angeles County stores this year, beginning in Beverly Hills and Studio City. Chief executive Issam Freiha says the chain is valued at $500 million and is profitable; its stores sell about three times as many drinks as they did three years ago, and matcha accounts for roughly half of its business.
Blank Street rolls out a full rebrand led by Wolff Olins, replacing its original seafoam green with a darker green palette and redesigning its wordmark as a monospaced lockup divided by a vertical rectangle. The shape references the window of the company’s first cart, and the rebrand extends across store design, packaging and menus.