Ty McMahan at The Wall Street Journal has more on the business end of Chicago's soon-to-open Phoebe's Cupcakes, who we told you about yesterday (and will have more about direct from the Phoebe's Cupcakes very soon).
Chad Mollman, general partner of Ascent Equity Capital, is a cupcake fan - particularly the mint chocolate chip flavor from the kitchen of Phoebe Walters and Kate McNamara.
“I was probably one of their best customers,” Mollman said. “I probably bought 200 cupcakes a year there. I was a customer and a big fan.”
phoebescupcakes_E_20090410101003.jpg
In fact, he’s such a fan that he has committed up to $1.5 million from his venture fund to launch Phoebe’s Cupcakes LLC. Walters and McNamara were previously working at another baker, but the new company will be their own design, featuring a menu of about 200 different flavors.
The first store will open in Chicago on April 18. Mollman said Ascent is willing to commit between $50,000 and $100,000 per store and is currently looking at opening in other cities.
The piece also states that Phoebe's Cupcakes plans to do mail order cupcakes by year's end, and continues:
“If it were just a little cupcake shop, I probably wouldn’t be interested, but there’s a lot of other opportunity here,” Mollman said.
Chad Mollman, general partner of Ascent Equity Capital, is a cupcake fan - particularly the mint chocolate chip flavor from the kitchen of Phoebe Walters and Kate McNamara.
“I was probably one of their best customers,” Mollman said. “I probably bought 200 cupcakes a year there. I was a customer and a big fan.”
phoebescupcakes_E_20090410101003.jpg
In fact, he’s such a fan that he has committed up to $1.5 million from his venture fund to launch Phoebe’s Cupcakes LLC. Walters and McNamara were previously working at another baker, but the new company will be their own design, featuring a menu of about 200 different flavors.
The first store will open in Chicago on April 18. Mollman said Ascent is willing to commit between $50,000 and $100,000 per store and is currently looking at opening in other cities.
The piece also states that Phoebe's Cupcakes plans to do mail order cupcakes by year's end, and continues:
“If it were just a little cupcake shop, I probably wouldn’t be interested, but there’s a lot of other opportunity here,” Mollman said.
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