Prefer scores US$2M funding to take its bean-free coffee brand to Philippines

Prefer, a bean-free coffee startup in Singapore, has raised US$2 million in seed funding led by Forge Ventures.

500 Global, A*ccelerate, Better Bite Ventures, Sopoong Ventures, SEEDS Capital, Entrepreneur First, and Pickup Coffee also participated in the round.

The capital allows Prefer to make significant investments in growing the capacity of its production facility, expanding its ground coffee and ready-to-drink bottled beverages across Asia Pacific, starting with Singapore and the Philippines.

Also Read: Retrenched and dejected, this entrepreneur proved that a lot can happen over coffee

Co-founded in 2022 by Jake Berber (CEO) and Tan Ding Jie (CTO), Prefer makes coffee without coffee beans to ensure coffee is delicious, affordable, and sustainable. The company’s proprietary fermentation technology upcycles surplus bread, soy pulp, and spent grain to create a coffee substitute that offers the same aroma, taste, and brewing experience as traditional coffee.

Coffee, one of the world’s most popular beverages, is being threatened by climate change; it is forecast that by 2050, 50 per cent of coffee farmland will no longer be suitable for use. Shrinking coffee bean supply coupled with rising demand is leading to coffee bean prices soaring to unprecedented highs, and the team promises always to be the more affordable coffee option.

“As climate change erodes coffee farmlands, erratic weather puts crops at risk, and demand continues to rise, coffee bean prices will skyrocket. That’s where Prefer comes in to ensure the production and price of coffee become sustainable and stable in the long run,” said Jake Berber, Co-Founder and CEO of Prefer.

The company provides ground coffee compatible with standard espresso machines to its B2B customers, including cafes, coffee chains, distributors, and flavour houses, who seek a more affordable and sustainable coffee supply. It also offers ready-to-drink bottled coffee for quick-service food businesses, events, and retail shelves.

Also Read: Coffeefrom: Brewing sustainability from bean to product

For brands with sustainability goals, Prefer helps them slash their carbon footprint. It claims to produce an estimated 10x less carbon dioxide than traditional coffee beans, making it a beacon for a more sustainable coffee industry.

Prefer is available at 12 locations across Singapore, including 2023 Barista Championships winner Dough, Foreword Coffee Roasters, and select SaladStop! outlets. Household name partnerships are brewing and will be announced in 2024.

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