GLOUCESTER, MASS. — Frozen coffee startup Cometeer raised $35 million in a Series B funding round, bringing its total funding to $100 million.
Institutional investors backing the company include D1 Capital, Elephant, Tao Capital, Addition Ventures, Avenir, Greycroft Partners and TQ Ventures. Coffee-related backers include the founder of Keurig Green Mountain, the former President of Nespresso and lead investors in Blue Bottle.
Co-founded nine years ago by Matthew Roberts and Douglas Hoon, the Gloucester, Mass.-based company offers frozen coffee “pucks” that are packaged in recyclable capsules. Users melt the pucks in hot water to create hot or cold coffee beverages at home.
The product also may be used to supplement espresso-based beverages, like lattes or cortados, without the use of equipment.
The co-founders worked with chemists and coffee professionals to design a brewing system that allows for more control over elements of the brewing process that often are overlooked, including water chemistry, extraction yield and atmospheres of pressure. The result is a “10x strength brew” that is flash-frozen with liquid nitrogen to lock in aromas, according to the company. The pucks are positioned as sustainable alternatives to existing coffee pods.
Cometeer works with multiple specialty roasting partners, including George Howell, Equator, Bird Rock, Birch, Joe, Counter Culture, Red Bay, go get em tiger, Klatch and Onyx, to source beans from all major coffee origins around the world.
“Our roasting partners are the backbone of Cometeer,” Mr. Roberts said. “Equally as important as superior tasting roasts is their support of coffee farmers, and commitment to direct trade purchasing at equitable prices multiple times the fair trade minimum. We are focused on building out a diverse group of roasting partners with unique backgrounds, sourcing techniques and roasting styles. Alongside these partners, we look to support the de-commoditization of the coffee industry.”
Cometeer will use funds from the Series B round to scale its proprietary brewing system and complete the build out of its 70,000-square-foot headquarters, located in a former frozen seafood facility. The company recently ended its pilot program, removing its wait list and making its product available to the public through its direct-to-consumer e-commerce platform.