(Bloomberg) -- Blank Street Coffee, the fast-growing, Brooklyn-based coffee chain, is in talks to raise a new funding round, according to people with knowledge of the matter.

The company is in talks with investors to be valued at around $200 million, which is about the same valuation it fetched in its last round, the people said, asking not to be identified discussing private information. Blank Street is aiming to top its last round valuation but there’s no guarantee that will happen, one of the people said.

The round could raise tens of millions of dollars and has attracted participation from existing investors, the people said. 

Deliberations are ongoing and details of the deal could change, said the people. A representative for Blank Street declined to comment.

Co-founded in 2020 by Issam Freiha and Vinay Menda, the company expanded into London this year. It had aimed to have 100 locations in New York and two-dozen shops in London by end of this year, the company said. 

Read more: Blank Street Coffee Has Plans to Take on Starbucks in London

In 2021, it raised $60 million, including a $25 million Series A funding from venture capital firms General Catalyst Partners and Tiger Global Management. 

Blank Street Coffee’s expansion strategy includes selling beverages from smaller spaces with cheaper rent as well as automating the espresso making process, according to its website. 

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