Tea Time: How a Spokane startup is working towards becoming the 'Starbucks of tea'
Expansion Plans
Revival Tea Company draws up ambitious plans for nationwide presence. Founder and CEO Drew Henry aims to turn Revival Tea Co. into a coast-to-coast brand within the next decade. Since its inception six years ago, the tea company has seen remarkable growth, according to Drew Henry, Revival Tea CEO. With an estimated annual revenue of $2.2 million for this year, surpassing $1.1 million in 2023, and well over $690,000 in 2021, Revival Tea is strategically positioned for a coast-to-coast expansion. Henry envisions opening 50 franchise locations over the next 10 years, each expected to bring in $1.5 million in annual revenue. Crowdfunding Campaign
The company has initiated a crowdfunding campaign allowing nonaccredited investors and customers to buy and own shares in the Spokane startup. The series CF Community Round is currently being raised on WeFunder, an online platform that enables individual investors to support early-stage startups and small businesses. In the first three days of crowdfunding, $151,000 was raised from 94 investors, with a minimum investment of $250. Chip Overstreet, a Revival Tea board member and former CEO of Spiceology, Inc., suggests that the initial funds raised largely stem from the company's customer base, showcasing their loyalty and support. Future Vision
The ultimate goal for Revival Tea is to become a publicly traded company, possibly through an IPO. Henry expresses his enthusiasm for inviting fans and customers on their journey to establish a nationwide brand. The company's growth and success are based on the Henrys' vision to revolutionize the tea industry that they believed was due for a change. While tea remained stagnant compared to beverages like beer, coffee, and whiskey, the Henrys shifted focus to blending teas, launching Revival Tea online with a spiced chai blend. Current Status
Valued at $10 million, Revival Tea has earned the title of the fastest-growing tea company in the U.S. according to the American Beverage Association. With approximately 25 employees and three locations, the company continues to expand its footprint. The flagship location, Revival Tea Company Tasting Room, is housed in a historic 1800-square-foot speakeasy, while the Spokane Boba Bar specializes in boba-infused teas. Plans are in place to open a fourth location in 2026, featuring a storefront and drive-thru in a warm-weather climate. Revival Tea's board, comprising industry experts like Kevin Parker and Skye Henderson, plays a crucial role in driving the company's success. Future Outlook
As Revival Tea ventures into profitability this fall, the focus remains on the upcoming expansion and franchise model. The long-term strategy includes opening 50 franchise locations across the country, targeting $1.5 million in annual revenue per site. The journey of Revival Tea embodies a blend of innovation, customer loyalty, and strategic growth, making it a prominent player in the evolving tea industry.