Home Coffee making Frozen coffee startup Cometeer raises $ 35 million Series B, launches product in earnest – TechCrunch

Frozen coffee startup Cometeer raises $ 35 million Series B, launches product in earnest – TechCrunch

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Cometeer, based in Gloucester, Massachusetts, has been around for nine years. During this time, the company has built a haunt of mad scientists, scientists, equipment and processes to breathe new life into the industry. Based on a former frozen seafood factory, the company has created an exclusive multi-million dollar production line to turn beans into small frozen “pallets”, sealed in capsules to keep their flavor intact. The 10x infusion is then ready to use.

Choose beans. Roast them. Crush them. Add water. To drink. Coffee really doesn’t have to be fancy, but every year a dozen new startups rush to try and find new and innovative ways to inject flavor and caffeine into dull existence. and meaningless of a tech journalist. Most of these startups are safely ignored, as the vast majority of them will be gone by the time you think about writing a ‘where are they now’ recap at the end of the year. Yet when a handful of investors squirt a total of $ 100 million into an upstart, you better believe that even the most under-caffeinated reporter grudgingly pushes toothpicks to open their eyelids and pay attention.

The previous round was $ 50 million, closed in April 2020. In the current funding round, the company raised $ 35 million from D1 Capital, Elephant, Tao Capital, Addition Ventures, Avenir, Greycroft Partners and TQ Ventures , as well as a number of expert coffee angel investors. The company declined to disclose the valuation of the funding round.

To prepare the pods, you “melt” the puck by dropping it into a cup of hot or cold water, wait a bit and you get a new cup of coffee on the way. All you need is water and a way to heat the water, if it’s hot coffee your little heart desires. The capsules stay fresh for up to three years if stored in the freezer and will survive for about three days in the refrigerator.

Frozen comet capsule

Cometeer capsules are frozen in liquid nitrogen to preserve flavor. In your freezer, they stay fresh for about three months. Image credits: comet

As for the coffee itself, the magic begins with the beans:

“Our roasting partners are the backbone of Cometeer. Just as important as superior tasting roasts, considerations among our roasters are their support for coffee growers and their commitment to buy direct from the trade at fair prices several times above the fair trade minimum, ”says Matt Roberts, co. -Founder and CEO of Cometeer. “We are focused on building a diverse group of roasting partners with unique backgrounds, sourcing techniques and roasting styles. Alongside these partners, we seek to support the de-commodification of the coffee industry.

Cometeer has grown tremendously over the past two years, growing from 12 to 120 employees since its last funding round. For now, the company is focused on its direct-to-consumer game.

“While our current focus is on direct-to-consumer sales, we are testing onsite with George Howell’s coffee shop in Boston and testing B2B coffee solutions with a focus on corporate gifts,” explains Roberts.

The company closed its waiting list today, making the cafe available to anyone with a credit card who fancies a new frontier in Java technology. The capsules are two washers, priced at around $ 2.00 each – base shipping is 32 capsules for $ 64.

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