Bevi Grows ARR by over 50% and Debuts New Offerings
Bevi, the leading designer of smart water coolers for commercial spaces, today announced that the company has exceeded 50% growth in recurring revenue. During this pivotal time, Bevi also achieved a new sustainability milestone, with its smart water coolers saving over 350 million single-use water bottles from entering the environment since the company was founded nearly 10 years ago.
"We are thrilled with the recent progress that we've made, which reflects our commitment to innovation, customer satisfaction, and sustainability," said Sean Grundy, CEO and co-founder of Bevi. "Our continued growth is evidence that the return-to-office trend is real, with thousands of companies in the past year investing in workplace amenities to support hybrid workers."
Recent company milestones include:
- Business Growth. Bevi now has more than 5,000 customers across North America, including new partnerships with leading brands and establishments such as EZ Cater, Magic Spoon, and Stanford University. Bevi's internet-connected smart water coolers are able to monitor return to office trends based on actual levels of customer water consumption. In the first half of 2023, data from machines across the country revealed that in-office attendance increased to 50% of pre-pandemic levels for the first time since the pandemic, contributing to the company's recent surge in growth. In addition to commercial office spaces, Bevi also recently branched out into new verticals, including hospitality and multi-family real estate. Bevi machines are now located throughout hotels such as the Hyatt Regency, as well as the amenity areas of residential apartment buildings run by leading property management firms like Lincoln Property Company.
- Announcing New Enhancements. Bevi recently announced new and improved enhancements that users can mix into their beverages, including Electrolytes and Vitamin Boost. Bevi's Electrolytes enhancement provides vitamins B3, B5, and B6 to help refuel the mind and body. The Vitamin Boost enhancement includes a proprietary blend of Vitamin C, B Vitamins and Zinc which has anti-viral properties. All Bevi flavors and enhancements are vegan, gluten-free, low and zero-calorie, and low and zero-sugar, with no added coloring.
- Achieving New Sustainability Heights. On average, each Bevi machine can save over 50,000 bottles or cans from entering the waste stream per year, and Bevi just crossed a huge milestone: its customers have saved 350 million plastic bottles, the equivalent of 21.7 billion grams of CO2, 1.4 trillion ounces of oil, and 105 million ounces of plastic.
As the most sophisticated point-of-use water dispenser available today with a wide variety of features, flavors, and enhancements, Bevi continues to make product innovations to offer a more sustainable, cost-effective solution to bottled beverages. Bevi's technology enables customers to reduce their costs and carbon footprint while also offering users high-quality, healthy beverage options and a user-friendly experience.
To learn more about Bevi and its smart water cooler technology, visit bevi.co.
About Bevi
Bevi designs smart water coolers that provide filtered, flavored, and sparkling water on demand. The company was founded in 2013 by graduates of MIT and Yale University who shared a vision to redesign the beverage supply chain and eliminate the need for single-use disposable water bottles. Since its founding, Bevi has raised over $160M in venture capital and saved hundreds of millions of bottles and cans from ending up in the environment. Thousands of Bevi machines are located throughout North America in the offices of corporations such as Lyft, Netflix, and Microsoft, and in amenity areas of residential apartment buildings run by leading property management firms like Greystar and Colliers. For more information, visit www.bevi.co.
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