With Series B funding, Bevi pushes expansion in Denver
BOSTON, August 1, 2017 — Bevi, a Boston-based start up that develops “smart” water machines, raised its Series B funding round led by Trinity Ventures, an early investor of Starbucks and Jamba Juice. Bevi plans to use the new funding to expand its presence throughout the U.S, with target cities as key market footholds. Given a thriving economy and developing technology sector, Denver has been chosen as a top expansion priority for Bevi.
Founded in 2013, Bevi’s mission is to change the way beverages are distributed by creating a customized drink using a tap water source, eliminating the need for plastic bottles and cans. The machine has the ability to dispense unlimited still, sparkling, and flavored water— all via an interactive touch screen. Users can pour a glass of filtered still water, or can customize with natural flavors like Grapefruit or Blueberry Cucumber, while having the option to make their drink sparkling. To date, Bevi has helped offices save more than 10 million plastic bottles. With 1,000% revenue growth in 2016, Bevi’s customer list includes notable companies like Apple, Netflix, GE, and BuzzFeed.
Bevi’s success can be attributed to a combination of its simple user experience, coupled with smart features that give the ability to remotely track consumption data. This real-time data analysis enables proactive maintenance and restocking of the Bevi machines, as well as detecting emerging beverage trends. In the fall, Bevi is releasing the countertop version of its product, designed for offices with smaller footprints.
As Bevi continues to grow and add new markets, the company seeks cities where the product would adapt quickly and align well with the local culture. Denver is at the top of this list due to its booming economy and hosting of some of the hottest technology companies including Ibotta and Gusto. Denver is also known as one of the healthiest cities in America, matching the health aspect of the Bevi brand. By building out a presence in Denver, Bevi looks to expand into other parts of the Mountain States region.
- Bevi News