Capital Teas attracts $5m investment to fund retail expansion
Capital Teas, a specialty tea retailer based in Annapolis, MD, secured a $5 million investment from Pear Tree Partners. The funds will be used to expand the number of retail locations, grow online sales and increase wholesale business to local hotels and restaurants. Capital Teas currently operates 6 outlets and expects to open 6 more this year. The company plans to develop the concept of tea bar boutique, where customers can drink hot tea and nibble snacks while browsing newspapers or surfing the web. The couple that founded the company in 2007 will retain control of Capital Teas and hopes the company will become profitable this year.