Bulgarian Eleven Ventures leads a €2.1M round for Greek IoT startup BibeCoffee

The Sofia-based early-stage VC firm Eleven Ventures has led a €2.1 million post-seed round for IoT real-time monitoring startup BibeCoffee that transforms coffee machines into smart connected terminals. Venture Friends, Uni.Fund, and other angel investors also participated.

• Founded by Vasilis Apostolopoulos, Panos Vrettos, and Kostas Sigalas, BibeCoffee offers a SaaS platform that helps coffee chains and roasters connect any type of coffee machine or grinder to the cloud. The startup uses IoT-powered technology that allows to standardize cup quality, maximize revenues, detect fraud and coffee dilution, predict coffee machine malfunctions, and streamline maintenance. 
• The new investment was led by the Sofia-based fund Eleven Ventures which supports tech companies from Southeast Europe in four priority verticals — fintech, healthcare, future of work, and future of food. In 2022 AIN.Capital recognized it as one of the most active Bulgarian VC funds. 
• Recently, Eleven Ventures along with Underline Ventures co-led the $2 million investment for Nestor, Romanian HR software developer.
• The fresh investment comes only 15 months after BibeCoffee’s seed round and will be used for the further development of the startup’s AI decision-making capability, the development of white-label solutions for coffee machine manufacturers, and for team expansion in the US and Asia.