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Phoebe's Cupcakes gets $1.5 Million from Ascent Equity Capital
By siliconindia
Chicago: Phoebe's Cupcakes, a Chicago-based maker and marketer of gourmet cupcakes, pastries, Phoebe's Cupcakes Coffee(TM) and other beverages, will open its first location at 3327 N. Broadway in Lakeview, after receiving venture capital funding from Ascent Equity Capital, a Chicago-based private equity firm. Ascent Equity Capital is committing up to $1.5 million to fund the national rollout of Phoebe's Cupcakes, with an expected opening of locations in 15 to 20 cities.
The first 1,500 customers of Phoebe's Cupcakes will receive a complimentary cupcake with the purchase of a cup of Phoebe's Cupcakes Coffee(TM) on the first day of its opening. Two people among the first 1,500 customers on Saturday will win a Phoebe's Gold Cupcake(TM), which has a real, edible, gold flake topping and entitles the winner to one free cupcake a week for life. The first 25 people in line will receive door prizes.
Phoebe's Cupcakes have a distinctive, artistic look, with a swirl of Italian butter cream frosting and fun, fresh garnishes on top. The cupcakes are all hand-made in small batches throughout the day by culinary school trained pastry chefs, using the finest possible ingredients, including imported Belgian chocolate, whole vanilla beans, and fresh fruit. The company rotates its menu among more than 200 premium gourmet flavors, perhaps the most flavors of cupcakes offered by any bakery in the world. All 200 flavors are available for events such as weddings and parties, and for wholesale to restaurants and other businesses.
Phoebe's Cupcakes is headed by President and Founder Phoebe Walters, an executive pastry chef, whose cupcakes have appeared on The Ellen Degeneres Show's website, ABC News in Chicago, and MSN. As society has became more fast paced, you see less bakeries around that hand bake all of their products fresh throughout the day, and Phoebe's Cupcakes will be a place where customers can stop in for a fresh, hand-made treat and a great cup of coffee," said Walters.
Chad Mollman, General Partner of Ascent Equity Capital, said, "Ninety percent of the reason Ascent is funding Phoebe's Cupcakes is because of the passion and vision that founders Phoebe Walters and Kate McNamara bring to the company. I have long felt that the success of our investments is largely determined by the quality of our management teams."
