Bevi Raises 165 Million Through Series B Funding Round

BOSTON -- Bevi said it has raised $16.5 million through a Series B funding round 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 a new countertop beverage dispenser for smaller spaces and accelerate the development of technology, enabled by the Internet of things.

The Bevi dispenser offers a choice of still or sparkling water plus unsweetened, zero-calorie or organically sweetened flavors. It enables users to 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.

The company was founded in 2013 by MIT and Yale graduates who shared a sustainable vision of providing healthy beverages without the need for bottles.

Bevi reported a more than 1,000% growth in revenue last year. It says it 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. Its beverage system combines 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 analyze beverage consumption trends.

Trinity Ventures invests in early-stage technology companies with emphases on cloud and mobile infrastructure, software-as-a-service, digital media and social commerce and entertainment. It was an early investor in both Starbucks and Jamba Juice, and is a current investor in Bulletproof Coffee. Trinity's Patricia Nakache will join Bevi's board of directors.