The investment will enable Innsbruck-based Cropster to scale its IoT coffee software offering and expand its international reach, with a focus on Europe, the US and emerging specialty coffee markets in East Asia
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Cropster founders Norbert Niederhauser (left), Martin Wiesinger (centre) and Andreas Idl (right) | Photo credit: Cropster
European private equity firm Verdane has acquired a majority stake in coffee software platform Cropster for an undisclosed sum.
Founded in 2008 by Andreas Idl, Norbert Niederhauser and Martin Wiesinger, Austria-based Cropster develops IoT software solutions for green coffee traders, roasters and operators to improve efficiency, connectivity and consistency.
Cropster currently works with coffee companies in over 100 countries and has partnerships with large international chains, including Starbucks and Blue Bottle Coffee, as well as specialty coffee roasters, including Five Elephant, Bunista and Verve Coffee Roasters.
In a press release, Verdane said the partnership will enable Cropster to expand its software offering, drive further international expansion and consolidate its position as ‘the operating system for the global coffee industry’.
Cropster plans to use the funding to maximise growth opportunities in established specialty coffee markets such as the US and Europe, as well as emerging East Asia markets, where coffee is overtaking tea consumption.
“Verdane outshines the market. We are extremely happy to have found a new partner that shares our values and will join us as we take Cropster to the next level. We are confident of their expertise in software and their ability to work in international markets, as demonstrated by their excellent buy-and-build track record,” said Cropster’s CEO Andreas Idl.
Verdane has over €7.7bn ($8.3bn) in assets under management and specialises in tech and sustainability focused investments. The business has made over 400 investments in fast-growing businesses since 2003, with its food and beverage portfolio including Swedish B2B meal solutions provider Godsmak, Finnish food waste prevention start-up Fiksuruoka, online grocery platforms Kolonial and Oda, and UK-based juice brand Purity.
“We look forward to working with the team, contributing our in-house functional specialists, ecosystem, and expertise to build on Cropster’s achievements evidenced by its sustainable market-leading position, and to jointly write the next chapter of this remarkable growth story,” said Ralph Karg, Investment Director, Verdane.
Both Cropster and Verdane attained B Corp certification in 2023 with respective scores of 82.3 and 104.2 respecively. Verdane only invests in businesses which pass its ‘2040 test’, which assesses whether companies have long-term, futureproof and sustainable business models.