Sofia Angels Ventures – New Investment Press Release
Sofia Angels Ventures (SAV), a €13M venture fund backed up by EIF for angel and private co-investment, headquartered in Sofia, is proud to announce its investment in BibeCoffee. Our investment is supported by InnovFin Equity, with the financial backing of the European Union under Horizon 2020 Financial Instruments and the European Fund for Strategic Investments (EFSI) set up under the Investment Plan for Europe. The purpose of EFSI is to help support financing and implementing productive investments in the European Union and to ensure increased access to financing.
We are proud to join our friends in Eleven Ventures, Uni.Fund and Venture Friends in supporting BibeCoffee, a London-Athens-based startup, which raised €2.1 million in a post-seed round. BibeCoffee’s IoT-powered solution transforms any professional coffee machine or grinder into a smart, connected terminal, helping coffee chains and roasters monitor and improve coffee quality while streamlining asset maintenance.
BibeCoffee’s platform has gained significant traction and is now trusted by the largest coffee machine manufacturers worldwide, covering 75% of machines globally. With customers in over 20 countries, the startup’s goal is to revolutionize the coffee industry through a data-driven approach that ensures every cup of coffee served meets high-quality standards. By integrating real-time monitoring technology, the company helps brands protect their reputation, minimize revenue loss, and optimize machine performance remotely.
The coffee industry, worth $225 billion, has seen heavy investment in R&D to improve coffee quality, but there has been little focus on ensuring that high-quality coffee reaches the end customer consistently. BibeCoffee solves this by standardizing coffee preparation at retail locations, enabling roasters to control quality and machine performance remotely. Their technology offers enriched data and two-way communication, allowing technicians to predict malfunctions and optimize maintenance without on-site interventions.
With the new investment, BibeCoffee plans to enhance its AI decision-making capabilities and work on developing white-label solutions for coffee machine manufacturers. The startup also aims to expand its global presence, particularly in the US and Asia, as it sets its sights on reaching millions of installed machines in the coming years. This growth reflects the rising demand for digital solutions in a rapidly evolving coffee market.
September 2024
Sofia
