Coffeeco was “born” in Patras in 2017 in an entrepreneurship competition where Marios Vlachogiannis (first-year chemical engineering student at the time) participated as a contestant and Alexis Pantziaros (doctoral chemical engineering student at the time) as a mentor.
The company leveraged its research into the reuse of espresso coffee grounds and managed to bring its patent to market as a start-up, which immediately gained the attention and trust of Coffee Island, who initially invested in Coffeeco €400,000 in capital and services for 30% of the company. As part of the agreement, Coffeeco collects from the Coffee Island network approximately 3 tons per month of coffee grounds and with an extraction process produces an active raw material, returning to selected stores skin care products, which are available for purchase.
At the same time, Coffeeco, in collaboration with approved external laboratories, has certified this raw material in terms of its antioxidant properties, its strengthening of the microbiome of the skin, and the reduction of acne on the face.
The headquarters of the company is located in the VIPE of Patras, where the industrial unit for the processing of coffee residues and the production of the active raw material derived from it is housed.
Initially, the company operated as a B2B company, selling its product to companies that develop cosmetic end products, but along the way, it realized that if it might develop its own end product applications for dermocosmetics, the value generated would be transferred directly to the end consumer. , with the financial results being better.
It was then that the company made its first major shift in the development of its first line of “skincare-to-go” skin cosmetics, with the “auraskin.gr” brand. These products can currently only be found online, through their e-commerce channel, and in selected physical stores.
In the last 12 months, the company has raised a total of 900 thousand euros through its strategic collaboration with the owners of Coffee Island, through state grants from the Region of Western Greece, but also from strategic angel investors. “Our aim is in 2024 to increase the channeling of our products to the market by doubling our turnover and strengthening our human potential in production as well as commercial”, says Alexis Panziaros.
At the same time, the company, following the trends and its zero-residue principle, has developed a polypropylene plastic raw material, which has a 15% reduced amount of material derived from petrochemicals and is replaced with organic fibers derived from coffee residues. This is the latest product that Coffeeco has launched, it is sold in the market with a B2B model and can be used by all companies that produce end applications of polypropylene plastic.
It should be noted that the company has developed other commercial partnerships for the development of its network. Her first collaboration was with the Papoutsanis company, which has developed a hotel line called “UpC”, while she has also entered into an exclusive collaboration with the French company Lessonia, to which she sells raw material for the development of body scrub products.
It is also worth mentioning that Coffeeco is a candidate for one of the best “EU green startups” in the “Green Alley Award”. The best companies resulting from the public vote will go to the final stage, with the award expected in April in Berlin.
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