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Beverage machine maker Bevi raises $16.5 million Series B led by Trinity
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Wednesday, 19 July, 2017, 08 : 00 AM [IST]
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Washington, D C
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Bevi, a mission-driven company that develops custom beverage machines, has raised a $16.5-million Series B led by Trinity Ventures, with ongoing support from Horizons Ventures and Tamarisc.
The company will use the funding to continue expansion throughout the United States, support the launch of their new counter-top beverage dispenser model, and accelerate the development of Internet of Things- (IoT) enabled technology that allows consumers to customise their beverages at the point of use.
Bevi’s mission is to make disposable bottles and cans obsolete by creating a delivery platform for healthy beverages on tap.
Their smart water cooler stores natural flavourings and lets users create custom drinks through a touchscreen interface, with options ranging from basics like cold filtered water and cucumber water to more creative concoctions like coconut and peach seltzers.
As a compliment to the flagship beverage dispenser (which is about the size of a traditional standalone water cooler), they are launching a counter-top unit designed for smaller spaces.
Both products aim to completely replace water coolers and bottled and canned beverages. In many cases, Bevi has reduced office beverage costs by 50 per cent or more.
With over 1,000 per cent revenue growth in 2016, Bevi has hundreds of corporate clients, including Apple, Netflix, Fidelity, and GE. The company is also starting to expand beyond the office into hotels, fitness centres and schools.
The key to Bevi’s success has been combining a minimalist user experience for customising beverages with proprietary software and IoT capabilities that track machine performance and collect real-time data on beverage consumption.
The data enables Bevi to proactively restock ingredients, streamline operations and collect rich analytics around beverage consumption trends.
Patricia Nakache from Trinity Ventures will join Bevi’s board of directors. Trinity was an early investor in both Starbucks and Jamba Juice, and is a current investor in Bulletproof Coffee.
“I’m honoured and excited to work with Nakache,” said Sean Grundy, chief executive officer, Bevi.
“She shares our vision of building both great products and a meaningful brand, while fundamentally rethinking how people get beverages. We couldn’t ask for a better partner as we accelerate the expansion of Bevi in the United States and gain huge momentum with the launch of our counter-top unit,” he added.
“I rarely encounter a company at this stage with such strong customer enthusiasm,” said Nakache.
“The Bevi value proposition for employers and employees is unbeatable - less expensive, more customisable and better for the environment,” she added.
“They are also precisely on-trend as consumers are demanding healthier food and beverage options as well as better environmental sustainability. Trinity is thrilled to be fuelling this next stage of Bevi’s growth and innovation,” Nakache said.
Aman Advani, chief executive officer, Ministry of Supply, a clothing company, shared his perspective on the unexpected benefits of Bevi.
“When we got our Bevi, we were expecting a replacement for our traditional water coolers, but ended up with a lot more - a gathering place, a fun topic of conversation and, really, a piece of art. And best of all, we’re finally hydrated,” he added.
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