University of California-backed Congruent Ventures is among the investors in Bellwether Coffee, which is marketing an ethical coffee roasting system.
US-based coffee roaster supplier Bellwether Coffee closed a $10m series A round on Monday led by Congruent Ventures, a VC fund backed by University of California’s office of the chief investment officer.
The deal included Hardware Club, Tandem Capital, New Ground Ventures, FusionX Ventures and XN Ventures as well as angel investors Peter Rive and Lyndon Rive.
Founded in 2013, Bellwether Coffee is developing an electric coffee bean roaster for vendors looking to satiate greater public demand for fresh and sustainable coffee products.
The technology dovetails with Bellwether’s digital marketplace of farms supplying coffee, which can be categorised according to responsible business practices such as organic certification or women ownership.
Bellwether believes its technology provides access to coffee that is fresher than supplies bought from centralised roasting facilities.
The roaster has already secured pre-orders worth more than $6m, including a contract with an unspecified US grocery chain. Rive has joined Bellwether’s board, according to TechCrunch.
Bellwether previously received $2.2m in convertible debt in March 2018, after raising $5m in seed equity and converted notes the previous year, according to regulatory filings.
TechCrunch reported Bellwether had raised $6m in a 2016 seed round, however further details could not be ascertained. FusionX Ventures and Tandem Capital are Bellwether’s founding backers, and Gaurav Kapadia’s family office is also an investor.
