To prepare an IPO, they should show real traction in the market and rapid growth potential.īut I don’t see the problem they’re trying to solve. The coffee market is huge, but I’m sceptical that they can recoup this investment through organic growth. Co-founder and CEO of Cometeer Matt Roberts Alongside these partners, we look to support the de-commoditization of the coffee industry. We are focused on building out a diverse group of roasting partners with unique backgrounds, sourcing techniques and roasting styles. Equally as important as superior tasting roasts, considerations amongst our roasters is their support of coffee farmers, and commitment to direct trade purchasing at equitable prices multiple times the fair trade minimum. Our roasting partners are the backbone of Cometeer. The latest funding will also focus on expanding their roaster partnerships. Co-founder and CEO of Cometeer Matt RobertsĬometeer sources its coffee beans from speciality roasters in the US, making sure that the roasters they are partnering with pay coffee farmers “above the fair trade minimum”. We are talking about real tech companies, real tech employees coming into the coffee industry because they see the opportunity to change an industry that’s really been stuck in its old ways. We’re hiring folks from Apple, Tesla, Palantir and Wayfair. The startup also plans to expand its team - since the previous round of funding, the number of workers went from 12 to 120. The company declined to reveal its valuation and revenue.Ĭometeer will use the funds to finish its headquarters of 70,000-square-foot in Gloucester, Massachusetts. The latest funding round is the largest investment so far, bringing the raised total to $100 million. The pods are able to stay fresh for up to 3 years when kept in the freezer, or up to 3 days when kept in the refrigerator. To make the coffee, pods can be brewed by melting the pucks by dropping them in either hot or cold water. These pucks are cryogenically frozen using liquid nitrogen and are sealed in capsules, which keeps the flavours intact. The company will use the funding to finish building its headquarters in Gloucester, Massachusetts, as well as expanding its team and roaster partnerships.Ĭometeer transforms coffee beans into flash-frozen pucks. Investors in the capsule concept are said to include the founder of Keurig Green Mountain, the former Nespresso President and lead investors in Blue Bottle Coffee.Massachusetts-based coffee tech startup Cometeer raised another $35 million in their Series B funding round, following their first Venture Capital raise in April 2020. Alongside these partners, we look to support the de-commoditisation of the coffee industry – it’s our mission,” said Cometeer CEO Matt Roberts in a press release. “We are focused on building out a diverse group of roasting partners with unique backgrounds, sourcing techniques, and roasting styles. George Howell, Equator, Bird Rock, Birch, Joe, Counter Culture, Red Bay, and go get em tiger (GGET). The company has already partnered with prominent US specialty coffee roasters, including Moreover, the firm promotes that its aluminium capsules are 100% recyclable and also offers a composting service for spent coffee grounds. Brewing involves immersing the coffee puck in hot water to make either hot or cold beverages.Ĭometeer says its freezing process “will do for coffee what the bottle did for wine”, by better preserving aromatic compounds and keeping the coffee fresh. The capsules will be delivered directly to customers and can be stored in home freezers for up to 18 months. The new investment brings the US company's total funding to $100m, which it will use to increase manufacturing capacity at its 70,000sq ft headquarters, introduce more roasting partners, and continue to ‘invest in innovation'.Ĭometeer’s novel system involves flash freezing extracted coffee in liquid nitrogen before transference of the puck to aluminium capsules. 'Flash frozen’ coffee capsule maker Cometeer has received $30m Series B funding. New investment brings flash-frozen specialty capsule concept’s total funding to $100m, which it will use to finish developing a 70,000sq ft production facilityĬometeer has already partnered with prominent specialty coffee roasters for its frozen coffee capsule concept | Photo credit: Cometeer
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