Frozen espresso startup Cometeer raises $35M Sequence B and launches its product in earnest – TechCrunch



Gloucester, Massachusetts-based Cometeer has been round for 9 years. In that point, the corporate has constructed up a mad scientist’s lair value of espresso scientists, gear and processes to jolt some contemporary life into the trade. Based mostly out of a former frozen seafood facility, the corporate has created a multimillion-dollar proprietary manufacturing line to show beans into flash-frozen little “pucks”, sealed in capsules to maintain their taste intact. The 10x energy brew is then prepared to make use of.
Decide beans. Roast them. Grind them. Add water. Drink. Espresso actually doesn’t need to be sophisticated, however yearly a dozen new startups come jittering alongside to attempt to discover new and progressive methods to inject some taste and caffeine into the drab, meaningless existence of a know-how journalist. Most of these startups are safely ignored, as a result of the overwhelming majority of them can be gone by the point you consider writing a “the place are they now” round-up on the finish of the 12 months. Nonetheless, when a fistful of traders pump a complete of $100 million into an upstart, you’d finest consider that even essentially the most under-caffeinated reporter begrudgingly shoves some toothpicks to prop open their eyelids, and pays consideration.
The earlier spherical was $50 million, closing in April of 2020. Within the present spherical of financing, the corporate harvested $35 million from D1 Capital, Elephant, Tao Capital, Addition Ventures, Avenir, Greycroft Companions and TQ Ventures, together with a lot of coffee-expert angel traders. The corporate declined to reveal the valuation of the funding spherical.
To brew the pods, you “soften” the puck by dropping it in a cup of scorching or chilly water, wait a bit, and also you’ve obtained a contemporary cup of joe on the go. The one factor you want is a few water, and a approach of heating the water, if it’s scorching espresso your little coronary heart wishes. The capsules keep contemporary for as much as three years when you preserve them within the freezer, and can survive for about three days within the fridge.
The Cometeer capsules are flash-frozen in liquid nitrogen to protect the flavour. In your freezer, they keep contemporary for about three months. Picture Credit: Cometeer
As for the espresso itself, the magic begins with the beans:
“Our roasting companions are the spine of Cometeer. Equally as essential as superior tasting roasts, issues amongst our roasters is their help of espresso farmers, and dedication to direct commerce buying at equitable costs a number of instances the truthful commerce minimal,” explains Cometeer’s co-founder and CEO Matt Roberts. “We’re targeted on constructing out a various group of roasting companions with distinctive backgrounds, sourcing strategies and roasting types. Alongside these companions, we glance to help the de-commoditization of the espresso trade.”
Cometeer has seen excessive progress over the previous couple of years, rising from 12 to 120 workers since its earlier spherical of funding. For now, the corporate is specializing in its direct-to-consumer play.
“Whereas we’re targeted on direct to client proper now, we’re trialing on-premise with George Howell’s café in Boston and are piloting B2B espresso options with deal with company gifting,” explains Roberts.
The corporate shut down its wait-list immediately, making the espresso out there for anybody who has a bank card and a hankering for a brand new frontier in Java know-how. The capsules are two-buck-pucks, with a price ticket of round $2.00 every — the bottom cargo is 32 capsules for $64.