Bulgarian Eleven Ventures leads a €2.1M round for Greek IoT startup BibeCoffee
Summary
The Sofia-based early-stage VC firm Eleven Ventures has led a 2.1 million post-seed round for IoT real-time monitoring startup BibeCoffee that transforms coffee machines into smart connected terminals. Founded by Vasilis Apostolopoulos, Panos Vrettos, and Kostas Sigalas, BibeCoffee offers a SaaS platform that helps coffee chains and roasters connect any type of coffee machine or grinder to the cloud. The startup uses IoT-powered technology that allows to standardize cup quality, maximize revenues, detect fraud and coffee dilution, predict coffee machine malfunctions, and streamline maintenance. The new investment was led by the Sofia-based fund Eleven Ventures which supports tech companies from Southeast Europe in four priority verticals fintech, healthcare, future of work, and future of food. The fresh investment comes only 15 months after BibeCoffees seed round and will be used for the further development of the startups AI decision-making capability, the development of white-label solutions for coffee machine manufacturers, and for team expansion in the US and Asia.