Queens, New York-based For Five Coffee Roasters says it has raised a new round of growth capital to accelerate national expansion through additional roasting capacity, more cafes and wholesale and hospitality growth.
The company, founded by Stefanos Vouvoudakis and Tom Tsiplakos in 2010, currently has 40 retail locations throughout the United States, including 21 standalone cafes and 19 locations within corporate and hotel venues, plus 12 additional locations under development.
The investment was led by Nicholas Karalis — former CEO and executive chairman of BioMatrix Specialty Infusion Pharmacy, which was acquired by private-equity firm Frazier Healthcare Partners and later rebranded as LUX Infusion — and Michael Bapis, managing director at New York-based wealth management firm Vios Advisors. Both have joined For Five’s board of directors.
Financial terms were not disclosed.
“We’ve built For Five with a relentless focus on execution, quality, and the guest experience,” Vouvoudakis, who serves as CEO, said. “With the support of our new partners, we’re ready to take the brand to the next level — further expanding our footprint and introducing a new standard for hospitality in the luxury coffee space.”
In addition to operating cafes and roasting for wholesale clients from its Maspeth, Queens, roastery, For Five has tied much of its retail growth to high-traffic commercial real estate in large U.S. markets.
In 2019, DCN reported that workspace provider Convene had made a major investment in For Five, with plans to house For Five bars in future co-working and event spaces. That same year, For Five announced a separate cafe expansion deal with Washington, D.C.-based Carr Properties, followed in 2021 by a 10-year deal with corporate food provider Sodexo.
For Five currently has more than 300 employees, according to the company.
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