Cometeer Raises $35M Series B to Revolutionize Frozen Coffee

Cometeer: Revolutionizing Coffee with Flash-Freezing Technology

Based in Gloucester, Massachusetts, Cometeer has been innovating in the coffee industry for nine years. The company has assembled a team of coffee experts and invested in advanced equipment to revitalize how coffee is experienced. Operating from a repurposed frozen seafood facility, they’ve developed a multimillion-dollar, unique production process.

From Bean to “Puck”

This process transforms coffee beans into flash-frozen, encapsulated portions – referred to as “pucks” – designed to preserve optimal flavor. The resulting brew boasts a 10x strength, offering a concentrated coffee experience ready for immediate use.

A Crowded Market, A Significant Investment

Despite the simplicity of coffee preparation – selecting beans, roasting, grinding, adding water – numerous startups emerge annually attempting to introduce novel approaches. Many of these ventures are short-lived, failing to gain traction. However, when substantial investment is secured, attention is warranted.

Cometeer recently completed a funding round, raising $35 million. This follows a previous $50 million round closed in April 2020. Investors included D1 Capital, Elephant, Tao Capital, Addition Ventures, Avenir, Greycroft Partners, and TQ Ventures, alongside angel investors with expertise in coffee.

The company has not publicly disclosed its current valuation.

Brewing with Cometeer Pods

Preparing coffee with Cometeer is straightforward. The frozen puck is simply added to hot or cold water, allowed to melt, and a fresh cup of coffee is ready. Only water and a means of heating it, if desired, are required.

These capsules maintain freshness for up to three years when stored in the freezer, and approximately three days when refrigerated.

Sourcing and Quality

The foundation of Cometeer’s quality lies in its bean selection:

“Our roasting partners form the core of Cometeer’s operations. Beyond exceptional taste, we prioritize partners who support coffee farmers and engage in direct trade purchasing at prices significantly exceeding fair trade minimums,” explains Matt Roberts, co-founder and CEO of Cometeer.

“We aim to cultivate a diverse network of roasting partners, each with unique backgrounds, sourcing methods, and roasting styles. This supports the movement towards de-commoditization within the coffee industry.”

Growth and Distribution

Cometeer has experienced substantial growth, expanding its team from 12 to 120 employees since the last funding round. Currently, the company’s primary focus is on direct-to-consumer sales.

“While our current strategy centers on direct-to-consumer channels, we are exploring on-premise opportunities with George Howell’s café in Boston and are developing B2B coffee solutions, particularly for corporate gifting,” Roberts stated.

The company has ended its waitlist, making its coffee readily available to customers with a credit card. Each capsule costs approximately $2.00, and a base shipment of 32 capsules is priced at $64.

Correction: A previous version of this article incorrectly stated the capsule freshness duration as 3 months. The correct duration is 3 years.