CCEP Ventures to partner with Innovative Tap Solutions
CCEP Ventures, the investment arm of Coca-Cola European Partners, has acquired a 25 % stake in Innovative Tap Solutions (ITS) – the creators of technology that enables consumers to pour their own beverages and increase efficiencies for the hospitality industry.
Coca-Cola European Partners funds dispensed delivery innovation with investment in self-pour, self-pay drink dispense technology leaders Innovative Tap Solutions
CCEP Ventures, the investment arm of Coca-Cola European Partners, has acquired a 25 % stake in Innovative Tap Solutions (ITS) – the creators of technology that enables consumers to pour their own beverages and increase efficiencies for the hospitality industry. Branded Strategic Hospitality, an investment & solutions platform headquartered in New York City, also participated in the investment in ITS alongside CCEP.
The investment will see CCEP work with ITS to introduce self-pour dispense technology to CCEP’s customers in Western Europe, beginning with a trial in Spain. ITS’s technology allows consumers to pour and pay for drinks themselves – cutting down queues, reducing the need for unnecessary contact and wait times and freeing up serving staff.
The partnership also represents a further step forward for CCEP’s Action on Packaging strategy, launched in 2017. CCEP is committed to investing and innovating in refillable and dispensed delivery models to eliminate packaging waste and lower its carbon footprint. CCEP is looking at developing suitable dispensed solution for different environments, and the partnership with ITS is a key part of this.
This agreement forms part of the wider CCEP Ventures programme – which aims to find, fund and nurture new technology and innovation.
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 & CEO of ITS, commented on the partnership: “We’re excited to take this Self Pour Revolution to the next level with CCEP. Less than 5 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.”