New Jersey-based BKON said it has secured a $3 million investment led by Pennsylvania-based beverage packaging and dispensing company GoodWest Industries. Founded by brothers Lou and Dean Vastardis, BKON is a beverage technology company that provides a "transformative extraction process" called RAIN, or Reverse Atmospheric Infusion.
In an announcement this week, BKON said its new Series A funding round will be used to expand production capacity at its Moorestown manufacturing center.
“The industry demand for RAIN brewed cold coffee has grown significantly this year as a result of our shelf-stable breakthrough," said chief executive Dean Vastardis. “With this investment, BKON is expanding its production capacity and enhancing its extraction capabilities so brands can commercialize higher-strength coffee concentrates with RAIN’s proprietary flavor advantages.”
The BKON chief added that the next generation of the company’s industrial Storm brewing system will quadruple the output of its facility and extend BKON’s licensing business. Increased concentration levels will enable the commercialization of Coldstretto as a means for brands to innovate cold espresso drinks and consumer products.
Cold coffee, which now comprises about $25 billion in annual sales, is reportedly the most consumed natural refreshment beverage and the largest functional beverage in America. Yet, while cold coffee’s +7% compounded annual growth rate is expected to continue, factors are obstructing a greater potential.
“The limitations surrounding coffee concentrates have forced quick serve operators to compromise quality and consistency in order to satisfy operational requirements,” said sales and marketing chief Lou Vastardis. “BKON’s innovation enables optimal- and fresh-tasting cold brew to be created from concentrates with the same tur-key design as a soft drink program.”
The Vastardis brothers said BKON grew its cold coffee brewing business by 300% in 2020.
