PHILADELPHIA—Locally-based coffee retailer La Colombe has secured $28.5 million worth of private investment, which will help finance plans to open approximately 100 new cafes across the United States over the next five years.

Todd Carmichael, who founded La Colombe in 1993 with friend and business partner JP Iberti, says the deal was signed Aug. 31 following months of discussions with investors, according to the Daily Coffee News. “Thank God I never have to do that again,” Carmichael says. 

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