US water-cooler startup Bevi raises $70M

US-based Bevi has 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.

“Our purpose at Bevi is to transform beverages from one of the most wasteful industries on the planet to one of the most sustainable,”

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 flavours, 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.”

“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.”