Bevi Partners with Cowen Sustainable Investments on $70 Million Series D
August 09 2022 - 7:30AM
Bevi, the market leader in smart water coolers, announced a $70
million Series D investment from Cowen Sustainable Investments
(CSI), an environmental sustainability-focused growth investment
platform. The $70 million in equity funding will support Bevi’s
rapid growth and expansion into new verticals and products.
In 2015, Bevi pioneered smart water coolers that
provide filtered, flavored, and sparkling water on demand. Bevi
machines offer a more affordable and environmentally sustainable
alternative to bottled water and flavored seltzer. Earlier this
year, Bevi introduced its Standup 2.0, a next-generation water
machine that offers over 40,000 permutations of beverages by
letting users customize flavors, enhancements, carbonation levels
and temperature. Bevi has helped customers save over 300 million
single-use bottles and cans to date.
“Bevi offers a unique value proposition to
customers that is more sustainable, is cost-advantageous to
incumbent bottles and cans, is easier to maintain and has
demonstrated mass appeal,” said Co-Head of CSI, Ewa Kozicz. “It is
no surprise that Bevi’s brand is unrivaled in the category.”
Key areas of investment include:
- New Vertical
Expansion: Over the past two years, Bevi expanded from
offices of tech and forward-thinking financial service companies to
hotels, residential apartment buildings, car dealerships and health
clubs. The company will make further investment to expand and
diversify its footprint in commercial settings beyond the
office.
- Product
Innovation: Today, Bevi offers two fully IoT-enabled
coolers – its revolutionary Standup 2.0 and convenient Countertop
product. Bevi’s world-class engineering team will continue rolling
out new features to existing machines and designing new products to
serve a wider array of customers.
- Scale
Manufacturing: Bevi is committed to ramping production of
its machines to meet unprecedented demand.
- Partnership
Development: Bevi has leveraged various partnerships to
help scale the business to reach over 4,000 commercial customers
throughout North America. The company plans to further develop
these partnerships while establishing new relationships to support
its growth trajectory.
- Talent
Acquisition: Bevi is seeking to nearly double its
headcount by hiring up to 100 people over the next 18 months,
including sales, marketing, hardware, operations, and
software.
“Our purpose at Bevi is to transform beverages
from one of the most wasteful industries on the planet to one of
the most sustainable,” said Sean Grundy, Bevi’s Co-Founder and CEO.
“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.”
“We are excited to partner with Bevi because of
our strong mission alignment and the opportunity to leverage CSI’s
data analytics expertise,” added Vusal Najafov, Co-Head of CSI.
“Bevi has built an unparalleled database of beverage preferences at
a highly localized level, and by investing in their data analytics
capabilities, Bevi will be able to offer each customer a more
personalized experience and create a truly innovative beverage
brand.”
Artem Mariychin, Managing Director at CSI, will
join the company’s board.
About BeviBevi designs smart
water coolers that provide filtered, flavored, sparkling, and
enhanced water on demand. The company was founded in 2013 by
graduates of MIT and Yale University who shared
a vision to redesign the beverage supply chain and eliminate the
need for single-use disposable water bottles. Bevi machines are
located throughout North America in the offices of
corporations such as Lyft, Netflix, Bank of America, and BCG, and
in amenity areas of residential apartment buildings run by leading
property management firms such as Greystar and Colliers. To date,
Bevi has helped customers save over 300 million single-use bottles
and cans. For more information, visit www.bevi.co.
About Cowen Sustainable
InvestmentsFounded in 2018, Cowen Sustainable Investments
(CSI) provides tailored financing and data analytics solutions to
companies that are accelerating the world’s transition to an
environmentally sustainable economy by addressing pollution, waste,
and resource constraints. The CSI strategy is managed by Cowen
Sustainable Advisors LLC, a division of Cowen Inc. (“Cowen”). Cowen
is a diversified financial services firm offering investment
banking services, research, sales and trading, prime brokerage,
global clearing, commission management services and investment
management. Cowen focuses on delivering value-added capabilities to
our clients in order to help them outperform. Founded in 1918,
Cowen is headquartered in New York and has offices worldwide. Learn
more at Cowen.com.
Bevi Press ContactJon CarlsonVP
Marketingjon.carlson@bevi.co
Cowen Sustainable Investments Press
ContactGagnier CommunicationsDan
Gagnier646-569-5897dg@gagnierfc.com
Cowen (NASDAQ:COWN)
Historical Stock Chart
From Aug 2024 to Sep 2024
Cowen (NASDAQ:COWN)
Historical Stock Chart
From Sep 2023 to Sep 2024