Coffee-Tech Company Cometeer Raises $ 35 Million As Java Craft Industry Heats Up
Coffee tech startup Cometeer has raised $ 35 million from Series B, the company said on Tuesday. The investment is the largest ever in the specialty coffee sector and brings the total raised by the six-year-old company to $ 100 million. The company refused to provide its income or valuation.
Cometeer produces âpalettesâ of frozen brewed coffee from well-known specialty roasters in the United States. . The formula was developed and patented by the startup, and its base shipping includes four roasts and a total of 32 capsules at a starting price of $ 64 for a monthly subscription. Cometeer aims to help independent farmers and roasters share the best of their craft, with roasting partners such as Birch, Joe Coffee and Equator.
Cometeer, based in Gloucester, Mass., Was founded by Matthew Roberts, who was featured on Forbes’ 2021 30 List of under 30s. Investors include the founder of Keurig Green Mountain, the former chairman of Nespresso and major investors in Blue Bottle, a roaster and specialty coffee retailer Cometeer is one of a handful of companies looking to capitalize on the rising market. coffee at home caused by the pandemic. drinkers and tap the growing specialty coffee sales expected to reach $ 85 billion by 2025, according to Adroit Market Research.
The National Coffee Association’s most recent Coffee Data Trend Report shows that 85% of coffee drinkers reported drinking at least one cup of coffee at home in January 2021, up 8% from January 2020 and 10% since 2017. Forbes 2019 30 Under 30 lists Kitu Life, the startup behind bottled coffee company Super Coffee which counts Jennifer Lopez and Alex Rodriguez among its investors, more than doubled its valuation to over $ 500 million after its last funding round in August.
Earlier this month, small-format cafe chain Blank Street raised $ 25 million in a Series A funding round, just months after closing a $ 7 million funding round. via three venture capital firms. The company has a post-currency valuation of over $ 98 million, according to Pitchbook.
Cometeer is entering a space that beverage brewing company Keurig has dominated for years with its popular K-Cup pods. Roberts, who founded the company with a team of engineers from his attic and with just one credit card in 2015, relies on Cometeer’s unique build and flavor to get consumers to buy his cryogenically frozen pods at a price. higher.
âThe coffee that ends up in existing capsules is just a shadow of itself,â says Roberts. âYou’ll never get that uniqueness in complexity. We get (our) coffee when it’s freshly roasted and we grind and brew it with much more complex systems than anything that can fit on your counter.
The latest round of funding will see Cometeer complete construction of its 70,000 square foot head office in Gloucester, Massachusetts. The location is particularly important to Roberts as it is the former home of inventor Clarence Birdseye, a pioneer in the process of rapid freezing of fish.
Roberts also plans to expand its team to 120, which added 100 employees during the pandemic. âToday we hire people from Apple, Tesla, Palantir and Wayfair,â Roberts said. âWe’re talking about real tech companies, real tech workers entering the coffee industry because they see the opportunity to change an industry that is really stuck in its old ways. “