Seattle-based Briazz, the gourmet grab and go café chain, has completed a US$1.25m convertible debt financing through the private equity fund Laurus Master Fund, Ltd.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more


This financing, said Briazz, will provide additional working capital as it focuses on key strategic initiatives, including growing café sales and adding significant new wholesale accounts.


“This is a strong endorsement of Briazz’s business, its business model, and its prospects. As we reported in our annual meeting, this financing is an important component of our plan to position the company with a strong balance sheet as a foundation for achieving our profit goals,” Victor Alhadeff, CEO and chairman, said. “This financing comes at a time in the market when obtaining capital is increasingly difficult.”


In connection with the investment by Laurus, Briazz issued an 18-month convertible note, with a coupon rate of 14%. The note may be converted at any time into common stock of Briazz at a fixed conversion price of US$1.20 per share. Briazz may, at its election, pay the principal and interest on the note in cash, common stock valued in accordance with the terms of the note, which may vary with the market price of the common stock, or a combination of cash and stock. Laurus was issued a five-year warrant to purchase 250,000 shares of common stock at exercises prices ranging from US$1.43 to US$1.95. Laurus also has registration rights covering the shares issuable upon conversion of the note and exercise of the warrant.


“We believe the company is well positioned to take advantage of significant opportunities and expand the Briazz brand,” said David Grin, fund manager of Laurus. “We view this funding as the first step in a long-term relationship with Briazz.”

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.