Bevi’s cup just filled up.
The MIT spinoff startup, which makes smart water dispensers for offices, has raised a $35 million Series C led by Bessemer Venture Partners. Existing investors also participated, such as Horizon Ventures and former Starbucks backer Trinity Ventures.
This round marks the company's biggest, larger than its three previous rounds together. For scale, the company's last fundraising was a Series B worth $16.5 million in 2017. All told, Bevi has raised more than $63 million thus far.
Bevi launched in 2013 with a resolution to substitute disposable bottles with beverage dispensers.
“We wanted to take all the beverages people were using in bottles and cans and dispense it,” said CEO Sean Grundy. Five years since, the company claims that it has reduced office beverage costs by 50 percent and saved over 30,000 bottles per machine annually.
Its dispensers are hooked up to an existing water line, and provide still, sparkling and flavored water on demand. Users can also add and mix flavors to their selection using an intuitive touchscreen.
By 2020, these machines will have more customizable additions, Grundy added. Some potential features include adjustable temperature settings, an option to add supplements and vitamins to the beverage and features that can help track hydration and nutrition.
“We can have the machine identify the user and present them options they will like,” Grundy said.
Currently, Bevi clientele includes companies like Apple, Netflix, GE and Lyft. The company won’t add new offices to its current presence in Boston, NYC, San Francisco and Chicago but will hire significantly this year. As for expansion, it plans to set foot in metropolitan areas across North America including Austin, Houston, Toronto, Montreal, Vancouver, Seattle and Portland.
“The bulk of our clients are in the cities but this year, we hope to take over the country and be everywhere,” Grundy said.
Bevi also plans on hiring significantly this year. According to Grundy, the startup will hire at least 40 employees in hardware, software and product management. Its current staff is 90 people strong.
“We hope to become an anchor company in Boston,” Grundy noted.
As part of the funding round, Kent Bennett, partner at Bessemer Venture Partners, will join Bevi’s board. Bennett has led investments in companies like Toast, Mealpal and Blue Apron.
