Now here’s an entrepreneurial story that’s perfectly brewed for Seattle.
Concordia Coffee Systems on Monday announced that it raised $6.5 million in fresh funding from Marker Hill Capital, Fluke Capital Partners, Swiftsure Capital and several Seattle angel investors, money that it will use to continue to develop and market its line of self-serve espresso machines.
Concordia, whose patented technology was originally developed by engineers at Acorto in the early 1990s, claims to have the fastest espresso machines in the world.
The Xpress 6, as one machine is called, can produce an 8-ounce mocha in 8.5 seconds. Or, as the company, noted at the time of the release a few years ago.
In the time it takes to toast a slice of bread the X6 can create seven 12 oz. drinks. For example you can create a mocha, a vanilla latte, a caramel latte, a nonfat latte, a chai latte, and 2 hot chocolates.
Meanwhile, the company’s IBS6, launched in Dubai in 2010, can create a “world-class” 16-ounce Mocha in 22 seconds flat. (You can see it in action here).
Partners of Concordia include Starbucks and Caribou Coffee, while customers include Hilton, MIT, Costco, Google, Aramark and others.
The company plans to use the new cash infusion for international expansion, with CEO David Isett saying that the goal is to “bring our outstanding coffee to the whole world.” As a result of the deal, Marker Hill Capital’s Robert Fanch will join the company’s board.
Seattle angel investors actually have scored in the past by bankrolling coffee makers. You may recall that Coffee Equipment Co., a Ballard upstart and maker of the Clover device, was purchased by Starbucks in 2008.
Going back further, Fluke Capital, an investor in Concordia, helped bankroll Starbucks.