ABN AMRO backs Amsterdam-based Wakuli to bring specialty coffee to European consumers

Amsterdam-based Wakuli, a company offering high-quality specialty coffee online to consumers in Europe, announced that it has raised fresh funding from ABN AMRO Sustainable Impact Fund (SIF), a Dutch bank. The funding amount has not been disclosed.

The Sustainable Impact Fund (SIF) invests in companies and early-stage projects. With a commitment of €425M funded and managed exclusively by ABN AMRO, the fund invests through direct equity investments in key transition sectors that contribute to accelerating the transition in the energy, circular and social impact pillars.

Hanna Zwietering, Senior Investment Manager at ABN AMRO SIF, says, “We’re delighted to provide Wakuli with the funding and expertise they need to seize these growth opportunities. What really interests us, though, is their impact. Wakuli contributes directly to better living conditions for farmers. And their other goal, to work towards a better value chain, marks a necessary step in the transition to a more social and sustainable economy. The result is a strong synergy of commercial growth and impact.”

Besides ABN AMRO SIF, existing investors, including Rubio Impact Ventures, and a number of angel investors also joined the round.

Selling the best coffee while paying farmers fairly

According to a statement from ABN AMRO, the market for specialty coffee in Europe is growing by 9 per cent a year versus a mere 4 per cent for the coffee market as a whole. In the US, this market is expanding by as much as 13 per cent, with high-quality coffee already accounting for more than half of all coffee sold there.

Founded in 2019 by Lukas Grosfeld and Yorick Bruins, Wakuli’s aim is to make specialty coffee a household staple, therefore expanding the market for smallholder coffee producers and bolstering their standing among the global coffee giants. This equates to significant revenue and development advantages for farmers as well.

Specialty coffee is the very best coffee in the world. Only 1 per cent of the total production falls into this category. The beans are valued according to eleven criteria drawn up by the Specialty Coffee Association. These points are assessed by tasting, also known as cupping, and this is done by an independent assessor. “This is how we get the high 82+ cupping score for all our coffees. Only coffees with such high scores are allowed to bear the name specialty coffee.” says the company.

Coffee beans are bought directly from smallholder growers in 15 countries and roasted using environmentally friendly methods. Wakuli is able to deliver fresh goods at competitive pricing in the specialty coffee industry by substantially cutting the supply chain from field to cup.

Meanwhile, farmers gain from much higher prices, which improves their and their families’ living situations. Wakuli also supports crop improvement to secure their future.

Funds for the next growth phase

Wakuli says that the funds will help innovate the company’s products further as well as expand its distribution network in the Netherlands and other European countries, including Germany and Belgium.

Co-founder of Wakuli, Lukas Grosfeld, says, “When our people first met the ABN AMRO SIF team in 2020, we felt the chemistry right away. We believe that relationships between investors and companies are rooted in trust and shared values. We were pleased to discover that ABN AMRO SIF’s long-term vision aligns perfectly with ours: we both hold the conviction that it’s all about long-term impact rather than short-term successes.”