SPINN Secures $20M in Funding to Modernize Coffee Discovery & BrewingSpark Capital leads round with Amazon Alexa Fund and Bar 9 Ventures to help scale production and bring connected coffee to new customersJuly 26th, 2021
Spark Capital leads round with Amazon Alexa Fund and Bar 9 Ventures to help scale production and bring connected coffee to new customers
LOS ANGELES--(BUSINESS WIRE)--SPINN, the hardware-enabled coffee marketplace redefining the home coffee experience, has announced a $20 million funding round led by Spark Capital, with Amazon’s Alexa Fund, Bar 9 Ventures and existing investors participating. The funding will enable SPINN to accelerate growth, further develop its patented brewing technologies, and complete delivery of outstanding pre-orders.
"Spark, the Alexa Fund and Bar 9 represent some of the most impressive track records in consumer products, connected devices and coffee industry investing,” said Roderick de Rode, CEO of Spinn. “Their capital and expertise will be instrumental in our growth and ability to deliver a superior coffee experience to millions of people.”
According to the National Coffee Association, 40 percent of coffee drinkers owned a single-serve coffee-making machine in 2020, with almost 50 percent of Americans likely to upgrade or purchase a single-serve brewing system for their home. Initial studies indicate the predicted increase has been bolstered dramatically during Covid, with more people working and brewing at home, rather than in and near their workplaces.
“SPINN is doing for coffee what Dyson did for vacuums and what Nest did for homes, rethinking technology and connectivity for better results,” said Kevin Thau, General Partner at Spark Capital. “Their approach, from machine design to roaster assortment, is elevating the entire industry and delivering what consumers seek today: delicious tasting coffee brewed to their personal preferences, with the smallest impact on the planet.”
With a voice command to Amazon’s Alexa or single tap of a button -- either from a mobile phone or on the machine itself -- the Spinn machine grinds beans, heats water and brews the type and amount of coffee desired. Using centrifugal force to spin instead of press coffee grounds, Spinn takes a different approach from traditional coffee brewing techniques, resulting in the freshest cup of coffee, tasting exactly as intended by the roaster.
“We are impressed with Roderick and the team’s ability to advance the state of the art at-home coffee experience in a way that is also good for the planet,” said Paul Bernard, Director, Amazon Alexa Fund. “Spinn has a compelling vision for how its system can make use of voice and be part of the convenience of a truly smart home.”
Spinn is committed to a fully integrated, ethically sourced supply chain that promotes sustainability. The company has built a delivery network encompassing more than 500 artisan roasters from around the globe, without requiring additional steps for processing beans for wasteful coffee pods. With Spinn, there is no mess to clean and no filter or pod to dispose of, leaving consumers with a modern, enjoyable coffee experience.
About Spark Capital
We are Spark Capital, investors in products we love by creators we admire, including Affirm, Carta, Cruise, Discord, Oculus, Plaid, Postmates, Slack, Twitter, and Wayfair. We know there are no playbooks or formulas for success and are here to help founders win their own way. We invest across all sectors and stages, and work out of San Francisco, Boston, and New York City.