East Ventures leads $5m round of Singapore IoT coffee startup

Singapore-based Morning, a coffee technology startup, has raised US$5 million in an East Ventures-led series A round.

Other participating investors include P9 Capital, zVentures (Razer’s corporate venture arm), and Wee Teng Wen of The Lo & Behold Group. A memorandum of understanding was also signed between the parties involved, signifying a commitment to a strategic partnership.

Photo credit: Morning

Morning operates an ecosystem that includes a marketplace for specialty coffee capsules and an app with built-in recipes to let users brew cafe-grade coffee automatically.

It also has an IoT brewing machine utilizing precision-brewing features similar to those found in professional coffee equipment. The company said it has sold thousands of machines across 30 countries since its launch in mid-2021.

The funds will be allocated to product development and diversification, as well as global expansion. The firm has already expanded from Singapore and Southeast Asia to the UK.

The Asian coffee market is set to grow at a compound annual growth rate of 6.63% and is expected to reach US$130.5 billion by 2025. To capitalize on this, Morning plans on continuing its expansion efforts for the next 12 to 18 months.

“Coffee culture has been evolving by leaps and bounds around the world in the last decade. Coupled with an exploding demand for better convenient home coffee solutions, fueled by the pandemic and remote-working trends, we believe that Morning is optimally positioned to capitalize on this trend,” said Leon Foo, co-founder and CEO of Morning.

Foo founded the company in 2018 alongside chief product officer Andre Chanco.

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