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Smart Water Cooler Maker Bevi Raises 165M Series B Funding

BOSTON -- Bevi has raised a $16.5 million Series B investment round led by Trinity Ventures , with ongoing support from Horizons Ventures and Tamarisc. The Boston-based company will use the funding to continue expansion throughout the U.S., support the launch of its new countertop 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 smart water cooler stores natural flavorings and lets user...

January 27, 2019

BOSTON -- Bevi has raised a $16.5 million Series B investment round led by Trinity Ventures, with ongoing support from Horizons Ventures and Tamarisc. The Boston-based company will use the funding to continue expansion throughout the U.S., support the launch of its new countertop 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 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 coconut and peach seltzers.
 
As a compliment to the flagship beverage dispenser -- which is about the size of a traditional standalone water cooler -- Bevi is launching a countertop unit designed for smaller spaces. Both products aim to completely replace water coolers and bottled and canned beverages. Bevi says its coolers have in many cases reduced office beverage costs by 50% or more.
 
Bevi 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. Bevi's software tracks machine performance and collects real-time data on beverage consumption. The data enables Bevi to proactively restock ingredients, streamline operations and collect 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.
 
Bevi was founded in 2013 by MIT and Yale graduates who shared a sustainable vision to provide any healthy beverage without the need for a disposable bottle.