Search for...

Greek IoT Startup BibeCoffee Raises €2.1M to Get Quality Brew in Your Cup

bibecoffee
, , , ~

 

  • The Greek IoT real-time monitoring startup turning coffee machines into smart connected terminals, BibeCoffee raises €2.1M in a post-seed round led by Eleven Ventures. The participation of the Sofia-based early-stage VC is €1.2M. 
  • The other €0.9M comes from existing investors Venture Friends and Uni.Fund, and from a couple of strategic angel investors based in Silicon Valley. 
  • The new investment comes only 15 months after BibeCoffee’s seed round and will be used for the further development of the startup’s AI decision-making capability, the development of white-label solutions for coffee machine manufacturers, and for team expansion in the US and Asia.

 

Being already trusted by customers from over 20 countries, BibeCoffee’s telemetry SaaS platform helps coffee chains and roasters connect any type of coffee machine or grinder to the cloud. The startup uses IoT-powered technology to allow coffee roasters and distributors, coffee machine makers, chains, and shop owners to standardize cup quality, maximize revenues, detect fraud and coffee dilution, predict coffee machine malfunctions, and streamline maintenance. 

“Growth for BibeCoffee for the upcoming years is very promising and we are already experiencing high customer demands. Our plans for 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 investment will increase our footprint in existing markets and expand our global presence,” Vasilis Apostolopoulos, co-founder and CEO of BibeCoffee, shares.

After raising its $2M seed round in August 2021, the IoT coffee machines monitoring company released an enhanced IoT device that allows customers to remotely manage, control, and configure the whole fleet of machines without the need to visit each one. In essence, clients install the BibeCoffee IoT devices inside the coffee machines they wish to monitor. The devices then pair with the coffee machines and connect to the cloud in order to provide analytics on the quality of each coffee cup.

Read more:  Romanian e-fulfillment startup Frisbo raises $2M to make next-day delivery an industry standard

“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,” Ivaylo Simov, Managing Partner at Eleven Ventures, tells us.

The rise of IoT coffee monitoring

Even though many technological companies have recognized the untapped potential of the $225B coffee industry market, most of them develop solutions that improve the coffee quality in the production stage. BibeCoffee fills in this market chain gap and provides customers with a tool that controls in a standardized method whether high-quality coffee reaches the end customer’s cup. 

Founded by Panagiotis Vrettos, Kostas Sigalas, and Vasilis Apostolopoulos in 2019, BibeCoffee has the vision to introduce data-driven digital transformation across the entire coffee production chain. 

The IoT coffee machine monitoring device of BibeCoffee is being used by some of the largest coffee machine manufacturers worldwide, making their product a “plug and play” solution for 75% of the coffee machines globally.

Thank you for reading The Recursive!

Over 1 million people from all over the world have learned about the tech ecosystem in Central and Eastern Europe thanks to The Recursive. In order to keep our content free for everyone, we need your help. If you believe what we do is important and have the means to do so, support us in giving a voice to Central and Eastern Europe with as little as €7. Thank you!

DONATE Keep reading this article

Help us grow the emerging innovation hubs in Central and Eastern Europe

Every single contribution of yours helps us guarantee our independence and sustainable future. With your financial support, we can keep on providing constructive reporting on the developments in the region, give even more global visibility to our ecosystem, and educate the next generation of innovation journalists and content creators.

Find out more about how your donation could help us shape the story of the CEE entrepreneurial ecosystem!

One-time donation

You can also support The Recursive’s mission with a pick-any-amount, one-time donation. 👍

Elena is an Innovation Reporter at The Recursive, an online media dedicated to the emerging tech and startup ecosystems in Southeast Europe. She is keen on sharing the innovation stories that shape the regional ecosystem and has a great interest in fintech, IoT, and biotech startups. Elena is currently finishing her Bachelor's Degree in Business Administration and Political Science at the American University in Bulgaria.
Startups