Bevi, the bottleless water dispenser company, specializing in next-generation water coolers for offices, has raised a fresh $70M of Series D funding from the Sustainable Investment arm of the Cowen group.
“Bevi offers delicious, customizable, healthy hydration that is eco-friendly! We believe that how you stay healthy & hydrated is your choice, but that you also shouldn’t have to choose between what’s good for you and what’s good for the environment. Bevi started with a focus on the office market, but you can now find us in over 2,000 companies across multiple different sectors, in both the US and Canada.”
Founded in 2013 by Sean Grundy, Frank Lee and Eliza Becton, Bevi was part of the Techstars ’14 program. The original vision for the company was simple – eliminate single-use disposable bottles and cans. The context is that the bottled beverage industry is arguably the most environmentally wasteful industry in the world. Around a hundred billion plastic bottles get produced every year in the United States alone.
Bevi machines offer a more affordable and environmentally sustainable alternative to bottled water and flavored seltzer and has helped customers save over 300 million single-use bottles and cans to date.
The company has spearheaded this mission by offering new, interesting, and innovative products that encourage its users to buy into what the company is offering. The Standup 2.0 water dispenser allows users to mix unique combinations of flavors, choose whether to add caffeine, electrolytes or even immunity to your drink to give you an extra boost. Hot or cold, still or sparking, all possible with the Standup 2.0 and its 40,000+ permutations of beverage.
Sean Grundy, Bevi CEO goes into more detail on the latest funding round.
“Our purpose at Bevi is to transform beverages from one of the most wasteful industries on the planet to one of the most sustainable.. We are driving the transition from an antiquated supply chain built around single-use plastic bottles to a network of smart machines that purify tap water and perfectly formulate beverages at the point of use.
To realize our vision at scale, we need to build out groundbreaking infrastructure, optimize systems to manage this infrastructure, and grow Bevi into a household name. Through the investment from Cowen Sustainable Investments we are now sufficiently capitalized to make this happen.”
The $70 million in equity funding will support Bevi’s rapid growth and expansion into new verticals and products. We’re excited to see where Bevi goes next and what flavors they add in the future!
Read more about Bevi’s latest funding round directly on their own blog here.