Coca-Cola European Partners (CCEP) Ventures has acquired a 25% stake in Innovative Tap Solutions (ITS), investing in the company’s self-pour, self-pay drink dispense technology.
ITS’ technology allows consumers to pour and pay for their own beverages, increasing efficiencies within the hospitality industry. This includes cutting down on queues, limiting the need for contact, reducing wait time and freeing up serving staff.
The technology company has over 7,000 taps in service across 270 locations worldwide, allowing restaurants, cafes, offices, stadiums and other venues to serve consumers quicker, reduce operating costs and touchpoints.
For CCEP, this investment represents a step closer to achieving its Action on Packaging goals. Launched in 2017, the strategy outlines CCEP’s commitment to investing and innovating in refillable and dispensed delivery models to eliminate packaging waste and lower its carbon footprint.
CCEP Ventures, the investment arm of Coca-Cola European Partners, provides early-stage funding to start-ups with ideas that solve a problem or create an opportunity for the business.
Nik Jhangiani, chief financial officer at CCEP, said: “We are committed to supporting package-free technology and finding new ways to help our customers increase value and provide a better experience to consumers. ITS is an exciting and ambitious business. We are confident we can help them expand successfully into the soft drinks category and grow their presence in Western Europe.”
Josh Goodman, founder and CEO of ITS, added: “We’re excited to take this self-pour revolution to the next level with CCEP. Less than five years ago, our company was just me and one other person and our focus was just self-pour taprooms dispensing beer, wine and cocktails through our technology.
“The market has spoken, customers and business owners love the concept, the efficiency and experience. We’re a liquid-agnostic company that wants to grow in the non-alcoholic space. Our partnership with CCEP ensures that we can continue investing in our technology to scale with the increasing demand.”
The technology will be introduced tp CCEP’s customers in Western Europe, beginning with a trial in Spain.