1 The EIC Accelerator Project

The EIC Accelerator Program: An In-Depth Overview

The EIC Accelerator program, part of the European Innovation Council (EIC), is designed to support innovative startups and Small and Medium-sized Enterprises (SMEs) in developing and scaling breakthrough technologies. This initiative is crucial for fostering innovation across Europe, particularly in the DeepTech sector, where advanced technologies can lead to transformative products and services. The program aims to bridge the gap between research and market introduction by providing comprehensive support, including financial backing and business development assistance.

Funding Structure of the EIC Accelerator

The EIC Accelerator offers a unique financing model that combines grants and equity investments. The grant component can reach up to €2.5 million, aimed at covering the initial stages of product development and market entry. This funding is essential for mitigating risks and enabling companies to validate their technologies without the immediate pressure of repayment.

In addition to the grant, the EIC Accelerator provides equity funding of up to €15 million until 2024, after which this limit is adjusted to €10 million. This equity investment enables startups to scale their operations significantly, facilitating the transition from experimental phases to full-scale commercialization. By offering both forms of funding, the EIC Accelerator ensures that innovative companies can secure the necessary capital to grow while retaining some level of ownership and control over their businesses.

Purpose of the EIC Accelerator in the European Ecosystem

The EIC Accelerator is strategically positioned to enhance the European DeepTech and startup ecosystem by addressing several critical challenges. It aims to support high-risk, high-reward innovations that have the potential to disrupt markets and drive economic growth. By focusing on scaling up, the program encourages the development of technologies that can compete on a global scale, thereby positioning Europe as a leader in innovation.

Furthermore, the EIC Accelerator plays a vital role in fostering collaboration between startups and private sector investors. This collaboration is essential for building a robust funding landscape, enabling startups to attract private investments that are crucial for their long-term sustainability and growth.

Role in Scaling Companies and Securing Private Funding

The EIC Accelerator not only provides funding but also offers mentorship and networking opportunities to its beneficiaries. This guidance helps companies refine their business models, develop effective go-to-market strategies, and enhance their overall value proposition. By connecting startups with experienced entrepreneurs, industry experts, and potential investors, the program significantly increases the likelihood of success.

Moreover, the visibility and credibility that come with being an EIC Accelerator winner can attract additional private sector funding. Investors are often more willing to back companies that have been validated by such prestigious programs, further enhancing the funding landscape for innovative startups.

Kaffe Bueno and the KB-BIOREFINERY Project

Kaffe Bueno, a Danish startup, emerged as a winner of the EIC Accelerator with its innovative project, KB-BIOREFINERY. The project focuses on developing a biorefinery that upcycles coffee waste into sustainable, healthy, high-value ingredients. This initiative is particularly timely and relevant, given the growing global emphasis on sustainability and waste reduction.

Project Overview: KB-BIOREFINERY

The KB-BIOREFINERY aims to address the significant issue of coffee waste, which is estimated to be around 10 million tons annually worldwide. Instead of allowing this waste to contribute to environmental degradation, Kaffe Bueno's biorefinery intends to convert it into valuable ingredients for various industries, including food, cosmetics, and pharmaceuticals. This approach not only promotes sustainability but also creates new revenue streams from what would otherwise be discarded material.

Technology Basics and Background

The technology behind the KB-BIOREFINERY leverages advanced bioprocessing techniques to extract high-value compounds from coffee waste. This includes the recovery of antioxidants, dietary fibers, and natural oils that possess numerous health benefits. The process utilizes environmentally friendly methods that minimize energy consumption and environmental impact.

The biorefinery operates on principles similar to those found in established biorefinery models used for biomass, but it is uniquely tailored to the specific characteristics of coffee waste. By employing enzymatic and fermentation processes, Kaffe Bueno can efficiently convert this waste into valuable ingredients while simultaneously contributing to the circular economy.

In summary, the EIC Accelerator program serves as a critical pillar for fostering innovation and scaling transformative technologies in Europe. Kaffe Bueno's KB-BIOREFINERY project exemplifies the program's objectives, showcasing how innovative solutions can address pressing environmental challenges while simultaneously creating economic opportunities. Through strategic funding and support, the EIC Accelerator empowers companies to realize their full potential and make significant contributions to both the economy and the environment.

2 The Funding Rounds

Kaffe Bueno, a Danish bioscience company specializing in upcycling coffee by-products into sustainable ingredients, has secured significant funding since receiving the European Innovation Council (EIC) Accelerator funding on June 16, 2021.

Series A Funding Round (January 2024):

In January 2024, Kaffe Bueno announced a €6.2 million Series A funding round led by Borregaard, a global leader in biomass refining and environmentally friendly biochemicals. The round also included participation from the EIC Fund, Dalgaard Group, EIFO, PINC, and The Yield Lab. Borregaard's investment amounted to €3 million, securing a 12% stake in Kaffe Bueno. Additionally, Borregaard holds warrants that could increase its ownership to 34% with an additional €9.25 million investment by January 31, 2026. The capital raised is intended to support the construction of a 500-tonne per year biorefinery in Copenhagen, facilitating the scaling up of production and market expansion for Kaffe Bueno's sustainable products. (kaffebueno.com)

Seed Funding Round (October 2020):

Prior to the EIC Accelerator funding, Kaffe Bueno secured €1.1 million in seed funding in October 2020. This round was led by PINC (Paulig Group's venture capital arm) from Finland, with additional investments from Vækstfonden (Denmark's state investment fund), The Yield Lab (an international agtech accelerator), and a Danish business angel. The funds were allocated towards scaling up production, expanding the team, covering intellectual property rights costs, and further product development. (eu-startups.com)

Investor Information:

• Borregaard: A Norwegian company specializing in biomass refining and advanced environmentally friendly biochemicals. In the January 2024 Series A round, Borregaard invested €3 million for a 12% stake in Kaffe Bueno, with potential to increase its ownership to 34% through additional investments. (kaffebueno.com)
• PINC: The venture capital arm of Finland's Paulig Group, which has been delivering coffee grounds to Kaffe Bueno for the past year. PINC led the October 2020 seed funding round, emphasizing support for startups with strategic, financial, and societal impact. (eu-startups.com)
• Vækstfonden: Denmark's state investment fund, which participated in the October 2020 seed funding round, expressing enthusiasm for investing in sustainable solutions and supporting companies like Kaffe Bueno. (eu-startups.com)
• The Yield Lab: An international agtech accelerator that also invested in the October 2020 seed funding round, highlighting its focus on supporting innovative companies in the agricultural technology sector. (eu-startups.com)

Company Valuations:

Specific valuations for Kaffe Bueno during these funding rounds are not publicly disclosed. However, the substantial investments from reputable investors and the strategic partnerships formed indicate a strong valuation and confidence in the company's growth potential.

Additional Information:

Kaffe Bueno's innovative approach to upcycling coffee by-products has attracted significant attention in the bioscience and sustainability sectors. The company's products, such as Kaffe Bueno Oil, Kafflour, and Kaffibre, are utilized in personal care, nutraceuticals, and functional foods, aligning with global trends towards sustainable and health-promoting ingredients. (eu-startups.com)

In summary, since receiving the EIC Accelerator funding in June 2021, Kaffe Bueno has successfully secured additional funding, notably a €6.2 million Series A round in January 2024, led by Borregaard and supported by other investors. These investments are poised to accelerate the company's growth and its mission to revolutionize the utilization of coffee by-products.

3 The Press Releases

Since receiving the European Innovation Council (EIC) Accelerator funding on June 16, 2021, Kaffe Bueno, a Danish bioscience company specializing in upcycling coffee by-products, has achieved several significant milestones:

Inauguration of the World's First Coffee Biorefinery

On September 29, 2023, Kaffe Bueno inaugurated the world's first coffee biorefinery in Rødovre, Denmark. This facility, supported by a €2.5 million grant from the EIC, has an initial capacity to upcycle 500 tonnes of coffee grounds annually. The biorefinery aims to transform coffee by-products into sustainable resources for personal care, human nutrition, and animal health. (kaffebueno.com)

€6.2 Million Series A Funding Led by Borregaard

In January 2024, Kaffe Bueno secured €6.2 million in a Series A funding round led by Borregaard, a global leader in biomass refining. Other participants included the EIC Fund, Dalgaard Group, EIFO, PINC, and The Yield Lab. This investment is intended to scale up production, enhance product development, and expand market reach. (kaffebueno.com)

Partnership with Givaudan to Launch Koffee’Up™

In June 2020, Kaffe Bueno partnered with Givaudan, a Swiss-based company, to launch Koffee’Up™, a premium coffee oil extracted from recycled coffee grounds. This collaboration aims to provide a sustainable alternative to traditional oils in the personal care industry. (kaffebueno.com)

Introduction of New Sustainable Ingredients

At the in-cosmetics Global 2024 event in Paris, Kaffe Bueno unveiled several new sustainable personal care ingredients:

• KAFFAGE®: An upcycled amphiphilic active biopolymer with high antioxidant and anti-glycation activity, serving as a natural SPF booster and partial replacement for iron oxides in formulations. (cosmeticsbusiness.com)
• KLEANSTANT®: A bio-based anionic surfactant derived from the lipid fraction of coffee, rich in antioxidants and free from palm, sulfates, and petroleum, suitable for use in makeup removers, face cleansers, and body washes. (cosmeticsbusiness.com)

Recognition and Awards

In April 2024, Kaffe Bueno received the Rising Star Award at in-cosmetics Global 2024, recognizing its innovative contributions to the cosmetics industry through the upcycling of coffee by-products. (kaffebueno.com)

Collaboration with SciLifeLab

Kaffe Bueno collaborated with SciLifeLab’s NMR Centre in Umeå, Sweden, to develop a method for quantifying fatty acid types in oils using Nuclear Magnetic Resonance (NMR). This partnership has led to promising results and the development of a new technique as a service for SciLifeLab infrastructure. (infralife.se)

These developments underscore Kaffe Bueno's commitment to sustainability and innovation in the utilization of coffee by-products across various industries.

4 The Technology Advancements

Kaffe Bueno, a Danish bioscience company founded in 2016, specializes in upcycling coffee by-products into sustainable, high-performance ingredients for various industries, including personal care, human nutrition, animal health, and agriculture. (kaffebueno.com)

Current Capabilities

The company operates the world's first coffee biorefinery in Rødovre, Denmark, inaugurated on September 29, 2023. This facility processes coffee grounds into active and functional ingredients, such as KAFFIBRE®, a gluten-free fiber used in food products, and KAFFOIL®, a natural oil utilized in cosmetics. (kaffebueno.com)

Advancements Since EIC Accelerator Funding

In June 2021, Kaffe Bueno received a €2.5 million grant from the European Innovation Council (EIC) Accelerator program. This funding facilitated the establishment of their coffee biorefinery, enabling the company to scale up production and enhance its product offerings. (kaffebueno.com)

Technological Improvements and New Features

The biorefinery employs green chemistry, biotechnology, and nanotechnology to extract valuable compounds from coffee by-products. This process has led to the development of new products like KAFFAGE™, an upcycled biopolymer with multifunctional properties, and KAFFAIR™, designed for scalp and hair treatments. (nordmann.global)

Market Demonstrations

Kaffe Bueno has demonstrated its technology through partnerships and product launches. In 2020, they collaborated with Danish hotel chain Sinatur to produce personal care products from spent coffee grounds. Additionally, their ingredients are used in various consumer products across Europe, the USA, and Asia. (worldcoffeeportal.com)

Intellectual Property and Publications

The company has filed multiple patents related to coffee-derived compounds. Notably, they have applications pending for "Coffee melanoidin nanoparticles and nanofibers" and "Cosmetic compositions comprising melanoidins." (pitchbook.com)

Kaffe Bueno's innovative approach to upcycling coffee by-products has positioned them as a leader in sustainable bioscience, contributing to reducing CO₂ emissions and promoting the circular economy.

5 The Partnerships and Customers

Since receiving the European Innovation Council (EIC) Accelerator funding on June 16, 2021, Kaffe Bueno, a Danish bioscience company specializing in upcycling coffee by-products, has significantly expanded its partnerships and customer base, enhancing its market position and technological capabilities.

New Partnerships and Customers

In January 2024, Kaffe Bueno secured a €6.2 million investment led by Borregaard, a global leader in biomass refining and advanced environmentally friendly biochemicals. This funding also included participation from the EIC Fund, Dalgaard Group, EIFO, PINC, and The Yield Lab. The investment aims to advance Kaffe Bueno's product pipeline and support the construction of Europe's first coffee biorefinery in Denmark. (kaffebueno.com)

In May 2023, Kaffe Bueno partnered with Maha Chemicals (Asia) Pte Ltd to introduce sustainable and innovative ingredients to the personal care market. This collaboration focuses on developing coffee-derived ingredients with antioxidant and exfoliating properties, contributing to a circular economy by repurposing coffee waste. (mahachem.com)

Additionally, in April 2023, Kaffe Bueno joined forces with Beauty Kitchen, Bio-Bean, Revive, and Arcania Apothecary in a collective known as the Coffee Colab. This collaboration aims to create upcycled beauty products using coffee waste, resulting in prototypes such as a serum, moisturizer, face mask, and balm. (cosmeticsdesign-europe.com)

Nature and Purpose of Relationships

The partnership with Borregaard is strategic, leveraging Borregaard's expertise in biorefining to scale up Kaffe Bueno's operations and enhance the commercial viability of its biorefinery. The collaboration with Maha Chemicals focuses on integrating sustainable coffee-derived ingredients into personal care products, promoting eco-friendly formulations. The Coffee Colab initiative with Beauty Kitchen and other partners aims to innovate in the beauty industry by developing products that utilize upcycled coffee waste, aligning with sustainability goals.

Market Positioning

These collaborations position Kaffe Bueno as a leader in sustainable innovation within the personal care and beauty sectors. The partnership with Borregaard enhances its credibility and operational capacity, while alliances with Maha Chemicals and Beauty Kitchen expand its reach and influence in the market.

Technological Advancements and Scaling

The investment from Borregaard provides the necessary resources to build and operate a commercial-scale biorefinery, enabling Kaffe Bueno to process larger volumes of coffee by-products efficiently. Collaborations with Maha Chemicals and Beauty Kitchen facilitate the development of new products, driving technological advancements and scaling up production to meet growing market demand.

Through these strategic partnerships and investments, Kaffe Bueno continues to advance its mission of upcycling coffee by-products into valuable, sustainable ingredients, reinforcing its position in the market and contributing to environmental sustainability.

6 The Hiring and Company Growth

Kaffe Bueno, a Danish bioscience company specializing in upcycling coffee by-products into sustainable ingredients, has demonstrated significant growth and strategic development since receiving the European Innovation Council (EIC) Accelerator funding on June 16, 2021.

Team Expansion and Current Headcount

Following the EIC Accelerator funding, Kaffe Bueno has experienced notable team expansion. In 2024, the company secured a €6.2 million investment led by Borregaard, a global leader in biorefining, with participation from the EIC Fund and other investors. This funding has facilitated the scaling of operations and team growth. (kaffebueno.com)

As of 2024, Kaffe Bueno employs approximately 26 individuals. (pitchbook.com) This reflects a substantial increase from earlier years, indicating a strategic focus on expanding human resources to support the company's growth initiatives.

Current Hiring Status and Team Growth

Kaffe Bueno has been actively recruiting to bolster its capabilities. The 2024 investment round has enabled the company to enhance its team across various functions, including research and development, operations, and commercial activities. While specific current job openings are not detailed in the available sources, the recent funding and operational expansion suggest ongoing recruitment efforts to support the company's scaling objectives.

Key Positions and Strategic Implications

The recent hiring initiatives have focused on strengthening critical areas such as research and development, operations, and commercial functions. By expanding its team in these domains, Kaffe Bueno aims to accelerate product development, optimize operational efficiency, and enhance market penetration. This strategic expansion is expected to bolster the company's capacity to meet increasing demand and drive innovation in the sustainable biorefining sector.

Management and Founding Team Developments

The founding team of Kaffe Bueno remains integral to the company's strategic direction. Juan Medina serves as the CEO and Co-Founder, Alejandro Franco as Co-Founder and Chief Commercial Officer, and Camilo Fernandez as Co-Founder and Chief Financial Officer. These leaders continue to guide the company's vision and operations, ensuring alignment with its mission to upcycle coffee by-products into valuable, sustainable ingredients. (kaffebueno.com)

In summary, since receiving the EIC Accelerator funding in June 2021, Kaffe Bueno has demonstrated substantial growth through strategic team expansion and operational scaling. The company's ongoing recruitment efforts and leadership initiatives position it to effectively capitalize on market opportunities and continue its mission in sustainable biorefining.

7 The Media Features and Publications

Since receiving the EIC Accelerator funding on June 16, 2021, Kaffe Bueno, a Danish bioscience company specializing in upcycling coffee by-products, has achieved significant milestones and garnered substantial media attention.

Media Features and Publications:

• Cosmetics Business: In April 2024, Kaffe Bueno was featured in an exclusive interview during the in-cosmetics Global 2024 event, discussing their innovative approach to utilizing coffee by-products in personal care products. (cosmeticsbusiness.com)
• Cosmetics Business: In April 2024, the company was highlighted for unveiling KAFFAGE® and introducing KLEANSTANT® at the in-cosmetics Global 2024 event, emphasizing their commitment to sustainable ingredient innovation. (cosmeticsbusiness.com)
• Comunicaffe International: In October 2023, Kaffe Bueno inaugurated the world's first coffee biorefinery in Rødovre, Denmark, marking a significant advancement in sustainable innovation. (comunicaffe.com)
• BeverageDaily: In November 2023, the company was featured for creating new uses for upcycled coffee grounds, showcasing their impact on the beverage industry. (beveragedaily.com)
• CosmeticsDesign-Europe: In April 2023, Kaffe Bueno was part of a collaborative initiative with Beauty Kitchen and other partners to develop upcycled coffee beauty products, highlighting their role in sustainable beauty innovation. (cosmeticsdesign-europe.com)

Podcasts and Interviews:

The Food People Podcast: In July 2023, Alejandro Franco, Co-Founder and CCO of Kaffe Bueno, discussed the company's mission to unlock coffee's potential beyond a caffeinated beverage, emphasizing sustainability and circularity in their business model. (thefoodpeople.buzzsprout.com)

Conferences and Events:

• in-cosmetics Global 2024: Kaffe Bueno showcased their innovative products, KAFFAGE® and KLEANSTANT®, at this event, underscoring their commitment to sustainable ingredient technology. (cosmeticsbusiness.com)
• Beauty Kitchen's Coffee Colab: In April 2023, Kaffe Bueno participated in a collaborative project with Beauty Kitchen and other partners to develop upcycled coffee beauty products, demonstrating their role in sustainable beauty innovation. (cosmeticsdesign-europe.com)

Company Involvement in Events:

• World's First Coffee Biorefinery Inauguration: In October 2023, Kaffe Bueno inaugurated the world's first coffee biorefinery in Rødovre, Denmark, marking a significant milestone in sustainable innovation. (kaffebueno.com)
• Cosmetics Business Stand Side Interview: During the in-cosmetics Global 2024 event, Kaffe Bueno was featured in an exclusive interview discussing their innovative approach to utilizing coffee by-products in personal care products. (cosmeticsbusiness.com)

These developments highlight Kaffe Bueno's ongoing commitment to sustainability and innovation in the utilization of coffee by-products across various industries.