Greek coffee machine technology startup BibeCoffee has secured a US$2.2 million funding round led by Bulgarian investment firm Eleven Ventures.
Founded in Athens in 2018, BibeCoffee offers IoT-based monitoring software for espresso machines and other coffee equipment with a target customer base of coffee shops, coffee retail chains and coffee roasters. The company describes its telemetry platform as “machine agnostic,” meaning it can be retrofitted into any coffee machine to connect to the cloud.
The $2.2 million investment follows a seed round 15 months ago by BibeCoffee, which was founded by Vassilis Apostolopoulos, Panos Vrettos and Kostas Sigalas, three former executives at British telecoms multinational Vodafone.
Existing investors Venture Friends, Uni.Fund and Silicon Valley-based angel investors joined the latest investment round.
“BibeCoffee’s growth in the coming years is very promising and we are already seeing high customer demand,” Apostolopoulos, who is BibeCoffee’s CEO, said in a company statement. “Our planned coffee machine installations should be in the tens of thousands by the end of 2023 and will reach millions of installed machines in the coming years.”
The investment comes just over three months after Eleven Ventures invested in another European coffee-focused tech startup, Almacena. Eleven has led a $3.4 million round to help a Dutch startup build its online green coffee marketplace focused on African coffee.
The investment also comes less than a year after espresso machine equipment giant La Marzocco first introduced its own cloud-connected IoT machines to the commercial market in the United States. Two months later, La Marzocco and coffee roasting software company Cropster introduced Cropster Cafe, a software solution that includes LM’s Internet-connected vending machines.
Meanwhile, another major espresso machine manufacturer, the Simonelli Group, has also launched its own telemetry-based espresso machine data collection platform called TECX.
A more direct comparison can be made with Australia-based Flow, whose telemetry devices are designed to be retrofitted to any number of vehicles.
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Nick Brown Nick Brown is the editor of Roast Magazine’s Daily Coffee News.