Greek-led BibeCoffee raises €2.1M to challenge the coffee industry
BibeCoffee, an independent European telemetry platform in the coffee sector, raises €2.1 million, just 15 months after closing its Seed round. The new round was led by the Bulgarian VC Eleven Ventures and joined by Venture Friends, Uni.Fund, and strategic Silicon Valley angel investors.
BibeCoffee is developing a real-time IoT monitoring solution connecting any professional coffee machine or grinder to the cloud and helping coffee chains and roasters monitor and improve the brewing quality of every coffee cup they serve. The London-Athens-based startup helps its clients standardize cup quality, maximize revenues, detect fraud and coffee dilution, predict coffee machine malfunctions, streamline maintenance, and transform business models.
“Bibecoffee is taking an industry serving 2 billion cups of coffee per day into the next age. Eleven is excited to help the company conquer the coffee market first, laying the ground for further rollout into adjacent categories, such as beers and other beverages. This is our second investment alongside Almacena in only a few months in a coffee-related business. The two companies naturally complement each other as they contribute towards sustainability, efficiency, and traceability along different aspects of the value chain,” says Ivaylo Simov, Managing Partner at Eleven Ventures.
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Over the past 15 months, BibeCoffee launched a new enhanced generation IoT device that allows their customers to get enriched data while offering two-way communication with the coffee machines. This enables them to remotely manage, control, and configure the whole fleet of machines without needing to visit each one. BibeCoffee is trusted and approved by the largest coffee machine manufacturers worldwide and has customers from 20+ countries.
“Our planned coffee machine installations are to have tens of thousands by the end of 2023 and reach millions of installed machines in the upcoming years. The [new] investment, contributes to further increase of our footprint in existing markets and expansion of our global presence,” shares BibeCoffee’s co-founder and CEO, Vasilis Apostolopoulos.
As the next steps, the team plans to ramp up RnD to further develop their AI decision-making capability, work on white-label solutions for coffee machine manufacturers, and expand the team in the US and Asia.
The coffee industry is worth $225 billion and most companies in the sector invest significant resources in research and development to improve the quality of coffee, reinventing all production stages. The problem is that no one until now can control in a standardized method whether this high-quality coffee reaches the end customer’s mug. BibeCoffee technology ensures that end-to-end coffee production at the coffee shop is performed on the standards of roasters, associations, and coffee chains.
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