An emerging instant coffee and tea company closed a $725,000 pre-seed round. Waka Coffee & Tea said its first round of outside investment will pave the way to more product introductions and staff building. Waka will launch three new products and package designs in the immediate future.
Founded in late 2018 by entrepreneur David Kovalevski, Waka is focused on reviving the instant coffee and tea categories through higher-quality products, eco-friendly packaging and delicious flavors.
The company bootstrapped its way to become one of the most recognized newcomers in the instant coffee and instant tea categories, becoming a best seller on Amazon. In addition, the brand recently expanded into physical retail with Central Market in Texas and launched internationally with iHerb.
Several CPG veterans and marketers participated in the pre-seed round, including former Starbucks and PepsiCo executives, Joe Canterbury and Craig Musgrove. Both joined Waka as board advisors.
Waka's new instant coffee roasts and origins will be available by late March. They are Ethiopian Dark Roast, Ethiopian Light Roast and Papua New Guinean Medium Roast. All products will have single-serve and bulk bag options.