Washington Post March 26, 2014
Capital Teas, the six-store chainlet of specialty tea shops based in Annapolis, has received a $5 million investment from Pear Tree Partners in Massachusetts to help grow its business.
Capital Teas co-founder and chief executive Peter Martino said he will use the money to expand the number of locations, grow online sales and increase wholesale business to local hotels and to restaurants, such as the Bombay Club in downtown Washington and Le Diplomate on 14th Street NW, both of which it serves.
“This gives us the flexibility to concentrate on operations and a consistent and positive customer experience, while expanding the number of locations,” Martino said. “We are no longer bootstrapping.” Martino, 50, a former nuclear submariner and an attorney, said he had been looking for an investment partner. He was introduced to Pear Tree in December by a mutual business acquaintance. He expects the chain to be profitable this year.
Read more…