Article: LIC POST - "COFFEED to Open New LIC Facility" (Excerpt)

by Christian Murray

Frank Raffaele, the CEO and founder of the Long Island City-based coffee chain Coffeed, is a familiar face in the neighborhood, often serving drinks or clearing tables at his Hunters Point South Park café location, LIC Landing.

He’s typically wearing a short-sleeve shirt–even in winter– a red apron and dons an old baseball hat that reads “Yale.” He can be seen darting from table to table, conversing with visitors.

Raffaele, 42, despite his modesty and low-key demure, is on the cusp of converting a small Long Island City-based coffee chain into a significant player in the New York City food and beverage arena.

He’s in the process of adding several new cafes —and will soon be opening a large centralized commissary kitchen in Long Island City where the company’s food will be prepared and then distributed to his growing network of cafes and kiosks.

He plans on raising between $6 million and $10 million in capital for expansion and aims to double his revenue from $5 million in 2015 to $10 million this year.

“I’m really excited right now,” said Raffaele, who currently has 12 cafes/kiosks throughout New York. “We are at a big tipping point as we grow. It is going to be interesting and challenging to scale our model.”

(Visit the LIC Post to read the article in its entirety.)