BibeCoffee, Europe’s leading telemetry platform in the coffee market, secured 2.1 million euros in funding just 15 months after the Seed funding round.
The new round comes from Eleven Ventures, one of the leading VCs in Southeast Europe, which has previously invested in fast-growing companies such as Payhawk, Gtmhub and Dronamics, joined by Venture Friends, Uni.Fund and Silicon Valley angel Investors.
Based in Athens and London, the Startup has developed a IoT real-time monitoring solution , connecting any professional coffee machine or coffee grinder to the cloud, so it helps coffee chains and suppliers to control and improve the quality of the coffee served.
BibeCoffee’s vision is to lead the coffee market to a digital transformation, based on the data provided by coffee machines. Its main goal is to streamline the relevant decisions by the companies, in order to ensure the high quality indicators of each beverage and to increase the effective maintenance of coffee machines. In this way they will be able to achieve perfection in all areas of their supply chain, up to the final point of coffee production and consumption.
The coffee industry is estimated at 225 billion dollars and most companies in the industry are making significant investments in R&D in order to improve the quality of coffee, through controls carried out at all stages of production. However, the problem is that no one until now can check through an automated method whether this “high-quality” coffee reaches the end customer’s mug. BibeCoffee’s technology ensures that the coffee consumed by the customer at the end point is executed according to the standards set by the companies themselves, distributors and according to the specifications.
Over the past 15 months, BibeCoffee has launched a new sophisticated version of its IoT device that allows the company’s customers to get even richer data while also being able to support two-way communication with coffee machines. In this way, their customers have the ability to remotely manage, control and configure the entire fleet of their machines without having to visit the points. This allows technical teams to anticipate damage, manage and adjust the machines remotely, while helping coffee suppliers control what beverage is served to ensure that the best coffee is always offered, without compromises.
Some of the world’s largest coffee manufacturers have trusted and approved BibeCoffee’s technology, with the company having customers from 20+ countries.
BibeCoffee’s team plans to expand its R&D team to further develop AI capabilities, develop white label partnerships with coffee machine manufacturers and expand the team to the U.S. and Asia.
“Growth for BibeCoffee for the upcoming years is very promising and we are already experiencing high customer demands. Our planned coffee machines installations are to have tens of thousands by the end of 2023 and reach millions of installed machines in the upcoming years. The investment from Eleven, as well as the continued support of VentureFriends and Uni.fund, together with strategic Silicon Valley-based angel investors, contributes to further increase our footprint in existing markets and expand our global presence.”, said BibeCoffee’s co-founder and CEO, Vasilis Apostolopoulos
“Bibecoffee is taking an industry serving 2 billion cups of coffee per day into the next age. The team has great experience and chemistry, which has helped them land some of the biggest enterprises in the sector as customers, a prerequisite for the company to become the preferred solution in the industry. 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 both contribute towards sustainability, efficiency and traceability along different aspects of the value chain.”, stated Ivaylo Simov, Managing Partner at Eleven Ventures.