BOSTON, MA, Bevi, a mission-driven company that develops custom beverage machines, has raised a $16.5M Series B.
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The round was 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 IoT-enabled technology that allows consumers to customize 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 flavorings 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% or more.
With over 1000% 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 centers, and schools. The key to Bevi's success has been combining a minimalist user experience for customizing 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 honored and excited to work with Patricia," says Bevi's CEO Sean Grundy. "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 U.S. and gain huge momentum with the launch of our counter-top unit."
"I rarely encounter a company at this stage with such strong customer enthusiasm," says Patricia Nakache. "The Bevi value proposition for employers and employees is unbeatable: less expensive, more customizable and better for the environment. 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 fueling this next stage of Bevi's growth and innovation."
Aman Advani, CEO of clothing company Ministry of Supply, 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!"
Bevi makes a smart water cooler that is becoming a fast favorite among office workers by offering a more fun and eco-friendly way of drinking beverages in the workplace. The company was founded in 2013 by MIT and Yale graduates who shared a sustainable vision to provide any healthy beverage without the need for a disposable bottle. For more information, visit www.bevi.co.
About Trinity Ventures
Trinity Ventures is a top-tier venture capital firm combining business insight, practical expertise and a personal touch to help start-ups win big. For over thirty years, Trinity has helped passionate entrepreneurs with breakthrough ideas transform markets and lives. Trinity's investment team takes a collaborative approach and believes in personal engagement, mutual respect and goal alignment to deliver out-sized returns to entrepreneurs and investors. The firm invests in early stage technology companies with emphases on Cloud and Mobile infrastructure, Software-as-a-Service, Digital Media and Social Commerce and Entertainment. To learn more visit: www.trinityventures.com.