Bevi, a mission-driven company that develops custom beverage machines, has raised a $16.5M 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 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.”