Last Bevi valuation
$65M
Series B · Jul 2017
Last Bevi funding round
$70M
Series D · Aug 2022
Cumulative funding Bevi raised
$130M
across 6 funding rounds
Key investors in Bevi
Horizons Ventures
Tamarisc Ventures
Trinity Ventures
Chasella
Techstars
Right Side Capital Management
About Bevi
Bevi is a Boston-headquartered company that manufactures smart water dispensers delivering flavored, filtered tap water using natural ingredients. Launched in 2015, Bevi serves offices, universities, and hotels across North America with machines that customize beverages like sparkling lemon or iced tea via touchscreen interfaces. The platform reduces plastic bottle use by connecting to municipal water supplies and tracks consumption data for sustainability reporting. Bevi operates in major cities including New York, San Francisco, and Toronto.
Founded
2013
HQ
Boston, MAWebsite
Status
Privately held
Customer focus
B2B
Revenue model
Subscription
Valuation
$65M (Jul 2017)
Sectors
Bevi Valuation
Bevi is currently valued at $65M, based on its Series B in July 2017.
The $17M round was led by Trinity Ventures, with participation from Horizons Ventures, Avenir and Tamarisc Ventures.
Bevi valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Jul 2017 | Series B | $65M |
Bevi Funding History
Bevi has raised a total of $130M across 6 funding rounds.
Bevi's first fundraising round was a $100K pre-seed round in January 2014. The most recent completed round was a $70M Series D in August 2022.
Bevi funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Aug 2022 | Series D | Cowen Group (lead) | $70M | - | Bevi is the market leader in smart water coolers that purify tap water and formulate customized beverages at the point of use, replacing single-use plastic bottles to promote sustainability in the beverage industry. Founded in 2015, the company announced a $70 million Series D equity investment on August 9, 2022, from Cowen Sustainable Investments (CSI), an environmental sustainability-focused growth investment platform managed by Cowen Inc. This round brings Bevi's total funding to approximately $165 million across multiple rounds, with prior investors including Bessemer Venture Partners, Horizons Ventures, Trinity Ventures, and Tamarisc. The new capital supports Bevi's rapid growth, expansion into new verticals and products, development of data analytics for personalized customer experiences based on localized beverage preferences, and infrastructure buildup to scale operations. Bevi plans to nearly double its headcount by hiring up to 100 people over the next 18 months in sales, marketing, hardware, operations, and software roles. To date, Bevi has helped customers save over 300 million single-use bottles and cans by deploying its network of smart machines. CSI's involvement leverages its data analytics expertise to enhance Bevi's database of beverage preferences, aiming to create an innovative beverage brand. Bevi's CEO Sean Grundy emphasized transforming the wasteful beverage industry into a sustainable one through point-of-use purification and formulation. |
| Jan 2019 | Series C | Bessemer Venture Partners (lead); Horizons Ventures; Trinity Ventures | $36M | - | Bevi is a Boston-based MIT spinoff that develops smart water dispensers for offices, filtering municipal tap water into still, sparkling, and flavored beverages like lemon, lime mint, coconut, and blueberry to reduce plastic bottle waste. The company raised a $35 million Series C round on January 23, 2019, led by Bessemer Venture Partners, with participation from Horizons Ventures and Trinity Ventures, marking its largest funding to date and bringing total capital raised to over $63 million across four rounds. This round exceeded the sum of prior rounds, which included a $16.5 million Series B in July 2017 and a $6.5 million Series A. In 2018, the year leading up to the Series C, Bevi achieved 120 percent revenue growth and expanded its customer base by thousands across corporate offices, hotels, schools, and fitness centers, with notable clients including Apple, Netflix, GE, and Lyft. The funding aimed to scale operations across the U.S. and Canada, enhance sales, customer experience, and product innovation, including advancing beverage personalization toward customized beverages as a new category. Bevi employed about 50 people in Boston at the time and was hiring in engineering, product, sales, operations, and marketing. Bessemer Venture Partners highlighted strong customer enthusiasm for Bevi's taste, waste reduction, and cost savings compared to bottled alternatives. Bevi continued raising capital later, including a $70 million Series D in August 2022 from the same lead investors plus others, with total funding reaching approximately $131-140 million across multiple rounds. |
| Jul 2017 | Series B | Trinity Ventures (lead); Horizons Ventures; Avenir; Tamarisc Ventures | $17M | $65M | Bevi is a Boston-based smart beverage platform that manufactures IoT-enabled beverage dispensers designed to eliminate single-use bottles and cans. The company's core product is an intelligent water cooler that combines a touchscreen interface with proprietary software, allowing users to customize beverages ranging from filtered water and sparkling options to flavored seltzers. The system uses IoT capabilities to track machine performance, collect real-time beverage consumption data, and enable proactive ingredient restocking. In July 2017, Bevi closed a Series B funding round of $16.5 million led by Trinity Ventures, with participation from Horizons Ventures and Tamarisc. The company was valued at $65.08 million post-money at this stage. Trinity Ventures, known for early investments in Starbucks and Jamba Juice, took a board seat at Bevi through partner Patricia Nakache. At the time of the Series B, Bevi had demonstrated exceptional traction with a 1,000% revenue growth in 2016 and a customer base that included major Fortune 500 companies such as Apple, Netflix, Fidelity, and GE. Beyond corporate offices, the company was expanding into new verticals including hotels, fitness centers, and schools. The funding was earmarked to accelerate nationwide U.S. expansion, launch a new countertop dispenser model for smaller spaces, and develop advanced IoT-enabled technology capabilities. The company had already achieved early international presence, with operations launched in Hong Kong through support from Series A lead Horizons Ventures, and had Canada expansion planned. Early adopters included Cambridge-based Akamai, with adoption also secured at TripAdvisor, LevelUp, Lyft, and Indeed, demonstrating broad appeal across technology and Fortune 500 enterprises. |
| Dec 2015 | Series A | Horizons Ventures (lead); Chasella; TechU Ventures; Tamarisc Ventures | $7M | - | Bevi is a Boston-based startup founded in 2013 by MIT and RISD graduates that develops smart beverage machines offering still, sparkling, and naturally flavored drinks from filtered tap water to eliminate plastic bottles. The company announced a $6.5 million Series A funding round on December 2, 2015, led by Horizons Ventures with participation from Chasella and others. Funds will support geographic expansion beyond Boston, R&D for improved beverage machines, and sales growth. Bevi's cloud-based system enables remote monitoring and control of its machines. |
| May 2015 | Seed | Tamarisc Ventures (lead); Chasella; TIA Ventures; Rochester Angel Network | $2M | - | - |
| Jan 2014 | Pre-seed | Techstars; Right Side Capital Management; Dorm Room Fund | $100K | - | - |
Who has invested in Bevi?
13 investors have backed Bevi across its funding rounds, including Horizons Ventures, Tamarisc Ventures, Trinity Ventures, Chasella, Techstars and Right Side Capital Management.
Lead investors include Cowen Group, Bessemer Venture Partners, Trinity Ventures, Horizons Ventures and Tamarisc Ventures.
Bevi Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
 Hong Kong | 3 | Lead | Dec 2015 | |
| Los Angeles, CA | 3 | Lead | May 2015 | |
| New York City, NY | 2 | Participant | May 2015 | |
| San Francisco, CA | 2 | Lead | Jul 2017 | |
| San Francisco, CA | 1 | Lead | Jan 2019 | |
| New York City, NY | 1 | Participant | Dec 2015 | |
| United States | 1 | Lead | Aug 2022 | |
| New York City, NY | 1 | Participant | Jul 2017 | |
| Boulder, CO | 1 | Participant | Jan 2014 | |
| Turlock, CA | 1 | Participant | May 2015 | |
| San Francisco, CA | 1 | Participant | Jan 2014 | |
This data is available for Pro users. Sign up to see all 13 Bevi investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialBevi Competitors
Bevi competitors include listed companies like Local Bounti and Skane-Mollan, and private ones like Lasso, Armstrong Robotics, Spero Foods and Crowd Cow.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Boston, MA | Private | - | - | $71M | - | |
| San Francisco, CA | Private | - | - | $74M | - | |
| San Francisco, CA | Private | - | - | $55M | - | |
| Seattle, WA | Private | $8M | - | $53M | 6.6x | |
| United States | Publicly listed | $48M | ($39M) | $26M | 10.6x | |
 Sweden | Publicly listed | $24M | $2M | $65M | - |
Bevi Public Comps
Bevi is still privately-owned, but its public comps include Skane-Mollan, Swang Chai Chuan, SPC Global Holdings, Helio, Alkis h. Hadjikyriakos, Centrale del Latte, Loulis Food Ingredients, Makarony Polskie, Evrofarma and Saint Jean Groupe.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $24M | $2M | 2.4x | - | 29.0x | - | |||
| $228M | $12M | 0.3x | - | 6.1x | - | |||
| $228M | ($15M) | 1.0x | 1.0x | (16.2x) | 8.0x | |||
| $118M | $7M | 0.5x | - | 8.9x | - | |||
| $29M | $9M | 1.7x | - | 5.5x | - | |||
| $405M | $27M | 0.1x | - | 1.2x | - | |||
| - | - | - | - | - | - | |||
| $78M | $11M | 0.8x | - | 5.4x | - | |||
This data is available for Pro users. Sign up to see all Bevi competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Bevi
| When was Bevi founded? | Bevi was founded in 2013. |
| Where is Bevi headquartered? | Bevi is headquartered in Boston, MA, United States. |
| Is Bevi publicly listed? | No, Bevi is a private, VC-backed company. |
| What is Bevi's valuation? | Bevi was last valued at $65M in its Series B in July 2017. |
| How much funding has Bevi raised? | Bevi has raised $130M across 6 funding rounds. |
| What was Bevi's last funding round? | Bevi's last funding round was a $70M Series D in August 2022, led by Cowen Group. |
| Who are Bevi's investors? | Bevi's investors include Horizons Ventures, Tamarisc Ventures, Chasella, Trinity Ventures, Bessemer Venture Partners, TechU Ventures, Cowen Group, Avenir, Techstars, TIA Ventures and 3 others. |
| Which companies are comparable to Bevi? | Companies comparable to Bevi include Lasso, Armstrong Robotics, Spero Foods, Crowd Cow, Local Bounti and Skane-Mollan. |
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