The funding will help the Athens-based start-up scale its espresso machine standardisation software to new international markets
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Panos Vrettos (left), Vasilis Apostolopoulos (centre) and Kostas Sigalas (right), founders of BibeCoffee | Photo credit: BibeCoffee
Greek coffee technology start-up BibeCoffee has raised €2.1m ($2.3m) to enhance its Internet of Things-powered coffee machine software capabilities and grow its presence in the US and Asia.
The Athens-based company said its technology enables coffee chains and roasters to standardise the quality of espresso beverages, reduce coffee waste and streamline coffee machine maintenance.
“Growth for BibeCoffee for the upcoming years is very promising and we are already experiencing high customer demand. Our planned coffee machines installations are to reach 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 Vasilis Apostolopoulos, CEO, BibeCoffee.
The investment was led by Bulgarian venture capital investor Eleven Ventures, alongside Greek investment firms Venture Friends and Uni.Fund.
Eleven Ventures also led a €3.5m ($3.7m) investment round for Almacena Platform in October 2022 to enhance the Dutch agritech start-up's operations in agricultural supply chain management platform.
Enabling coffee shop staff to maintain beverage consistency is a key concern for multi-site operators.
In May 2022, Austrian software company Cropster announced a partnership with La Marzocco to launch Cropster Café — a piece of software designed to provide greater coffee brewing consistency across groups of cafés.