BUCHAREST (Romania), December 17 (SeeNews) - Venture capital fund Mozaik Investments said it has acquired 35% of Romanian coffee shops chain 5 to go for an undisclosed sum.
By 2020, 5 to go plans to open 100 new locations and employ over 300, Mozaik Investments said in a press release on Monday. Also it aims for a turnover of over 12 million euro ($13.4 million), up from 9 million euro expected for 2019.
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The business model of 5 to go will remain the same, it added.
The partnership will support the already established development objectives such as increasing the number of units at a local level,as well as expanding towards regional markets.
"In the context of an effervescent international market, this transaction confirms the potential of 5 to go and gives even more confidence to entrepreneurs to access a franchise based on a successful partnership," 5 to go co-founder Radu Savopol said.
"We are happy to be a 5 to go partner because the business has all the ingredients we are looking for when we invest: strong brand, local champion and market leader in its segment, and is led by a dynamic entrepreneur with an amazing team in the back. At the same time, we believe the 5 to go story is still at the beginning and has a great potential for growth both locally, as well as regional," Mozaik Investments managing director Vlad Busila said.
5 to go was founded in 2015 by Romanian entrepreneurs Radu Savopol and Lucian Badila and currently operates close to 150 locations.
Mozaik Investments is a privately-held investment company with offices in Vienna, Bucharest and Bratislava.