Atomo Raises $9 Million to Bring Molecular Coffee to Market
Ag-Tech venture giants - S2G Ventures, AgFunder, Bessemer Venture Partners - join Horizons Ventures in backing molecular coffee innovation.
11 Aug, 2020, 08:00 ET
SEATTLE, Aug. 11, 2020 /PRNewswire/ -- Today, Atomo Coffee Inc, announced that it has closed an additional $9 million in Seed funding to bring its molecular coffee to market. The team has reverse-engineered the coffee bean to create a uniquely smooth and sustainable brew. In a blind taste test conducted by CNBC, 70% of consumers preferred Atomo's less bitter brew over conventional coffee. Atomo will use funds to build their production roastery in the heart of Seattle's industrial district with an anticipated launch in 2021.
Climate change is wreaking havoc on the global coffee industry; affecting quality, contributing to deforestation and driving a variety of wild coffee species into possible extinction. Atomo's mission is to use science and technology to recreate coffee people love in a more sustainable way, by using upcycled plants.
"Our flagship grounds formula is made of upcycled plant materials such as pits, seeds, and stems from locally grown agriculture, mirroring the process of traditional coffee beans," says Jarret Stopforth, Chief Scientist and Cofounder. "Atomo's magic comes from our proprietary bioreactive and thermal processes."
Upcycling is a rising movement across multiple categories and is defined by the Upcycled Food Association as "foods using ingredients that otherwise would not have gone to human consumption, are procured and produced using verifiable supply chains, and have a positive impact on the environment."
"Seattle is the perfect confluence of tech and craft coffee, it only makes sense that coffee is reinvented here," states Andy Kleitsch, CEO and Cofounder. "Our tech creates a great tasting cup of coffee, that provides consumers with a sustainable choice, as well as greater value for our farmers."
"Coffee is among the most consumed beverages worldwide, with roughly 42.6 liters per person per year according to Statistica. Atomo Coffee can make a huge impact in the market from a sustainability aspect while not sacrificing the quality and taste that consumers are going after," states Tony Lau, Atomo board member and managing partner from Horizons Ventures.
"Today, coffee production has the 6th highest climate impact in terms of GHG emissions per kilogram of food product on the planet," said Chuck Templeton, managing director of S2G Ventures. "The Atomo team's molecular coffee recreates a wide variety of the coffee people love and increasingly consume in a sustainable and scalable manner."
"With Americans drinking 450m cups of coffee a day, coffee is bigger than beef and we have already seen what the alternative meat industry has done for the food revolution," AgFunder managing partner Rob Leclerc says. "This is only the beginning for disruptive innovation in the coffee industry."
Tess Hatch from Bessemer Venture Partners remarks that "Atomo's extraordinary team shares a profoundly important mission to do good for the planet and environment while also introducing an improved molecular coffee with no bitterness and better taste."
Atomo's production roastery will be located in SODO, not far from the local coffee icon, Starbucks, headquarters. They anticipate launching the first molecular coffee products into the market in 2021. Atomo has raised a total of $11.6 million across 2 Seed rounds.
About Atomo Coffee
Designed in Seattle, Atomo is the world's first no-bean, molecular coffee. By reverse-engineering the coffee bean, Atomo has created an upcycled, sustainable brew which can be used in place of conventional coffee. Atomo's mission is to create a better cup of coffee that is better for the planet, reducing the need for further deforestation and destruction caused by commercial coffee farming. The privately held company was founded by Jarret Stopforth, Ph.D. and Andy Kleitsch.
About Horizons Ventures
Horizons Ventures, the private investment arm of Mr. Li Ka-shing, is a leading investor in some of the world's most innovative companies and disruptive technologies including Spotify, Siri, Zoom, Improbable, Impossible Foods and Perfect Day.
About S2G Ventures
S2G Ventures is a multi-stage venture fund investing across the food and agriculture markets. The fund's mission is to catalyze innovation to meet consumer demands for healthy and sustainable food systems. S2G has identified sectors across the food system that are ripe for change, and is building a multi-stage portfolio including seed, venture and growth-stage investments. Their portfolio includes multiple disruptive food-tech companies including Beyond Meat and Ripple.
About Bessemer Venture Partners
Bessemer Venture Partners was born from innovations in steel that literally forged modern building and manufacturing. Today, our team of investors works with people who want to create revolutions of their own.
Founded in 2013 and based in Silicon Valley, AgFunder is one of the most active agri-foodtech venture capitalists. Their mission is to invest in technologies to rapidly transform our food and agriculture system.
SOURCE Atomo Coffee
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