Bynd Portfolio Founders Series
Incapto aims to end coffee capsules and mainstream coffee from high quality coffee beans.
1. How did you come up with the idea for Incapto?
Joaquim Mach and I had vast experience in the ecommerce industry. We realized that DTC brands were the future and that there where in the market fantastic projects but with little experience or resources to apply a good ‘go to market’. Because of that, our initial idea was to create a company builder of DNVB’s focused on products/services, helping other entrepreneurs and creating also projects from zero. We analysed DTC projects from all over the world trying to understand the key success factors and also the failure reasons. After that research we focused on projects with two main characteristics, sustainability and high repetition.
In my case, I already consumed coffee with a fully automatic machine and I always wondered how could people consume coffee in pods. After a vast analysis of the coffee industry and talking with Beatriz Mesas, who ended being cofounder and the coffee expert of the founder team, we realised that coffee industry was ready to be disrupted. We were ready to create a new coffee experience, better for everybody, for every wallet and for the planet.
We fall in love with Incapto and realised that we should focus only in this project, since the opportunity to disrupt a big industry like coffee one was unique.
2. How would you explain to a 5-year-old what Incapto does?
We just offer the best coffee experience by just pushing a button and in 20 seconds you have your specialty coffee with a perfect experience, just grinded and with no aluminium or plastic waste. A great coffee for everybody, with the better convenience and with respect to the planet and the coffee farmers.
3. How did you meet your co-founders and why do you believe you make a good match?
Beatriz and I knew each other from an entrepreneur association, I knew that she was a Q-Grader and coffee lover and that was first person we contacted, when we realised that there could be a great opportunity in the coffee industry. After talking to her, we realised that the opportunity was even better than expected.
With Joaquim a mutual friend connected us. We were in similar maturity, experience and personal situation, ready to start a new project. Also, our skills are totally complementary.
I think that we make a good match for many reasons, but mainly because we are all complementary, with very well-defined rolls and specially with the same values. We all share the vision, how to achieve it and which kind of relationship want with our stakeholders. I would say that we are totally transparent with what we do and how we do it with our customers, employees, shareholders… and we feel comfortable with it.
4. What are the main takeaways and lessons learned you take from the previous ventures you founded before?
First of all, good alignment with the founder team is crucial. Many companies suffer after some months/years for founder misalignment.
Done it’s better than perfect. MVP is not a myth, we started with a very simple website, a small portfolio of great coffee and the machine we considered that was the best for our customers. All this in three months and in working from home due to pandemic. We couldn’t plan all the details. We did not have a team and resources, but we managed, the three founders, to start the business in June 2020 despite the pandemics and we spent the whole summer talking on the phone with our potential clients. A better product/service and passion where the key factors.
I guess that the convinced, convinces. We believe in what we do and if you are not in love with what you do and you don’t feel that what you offer is better than any other competitor, then you can’t be David against Goliat.
Customer satisfaction and great unit economics (good retention and low CAC) convinced us that we could scale this. We did not start funding the company with new investors since we didn’t convince ourselves that we had the best and very healthy unit economics and a great satisfaction/retention.
May be the best takeaway from previous ventures would be, don’t start looking for new funding after you are sure that you have a solid and great project. And believe me, when it happens, you know it’s time.
5. Why did you choose to establish your team in Spain?
We are all from Barcelona and surroundings, so we were already established in Spain. We did not consider to move to other cities or countries at any time. Barcelona is a great place to live, work, and with a great startup ecosystem (talent, investors, infrastructure…). It’s the capital of the Mediterranean area, probably the most important region in the world in terms of culinary culture and experience, and that is what we do. We are in the best place to scale Incapto globally. I’m convinced that Barcelona will be considered the capital of the foodtech industry all over the world in a short time.
6. How do you define Incapto’s culture in five or fewer words?
We are commited people, transparent, enthusiastics and we think outside the ‘capsule’ ;-)
7. What is your vision for Incapto 5–10 years from now?
We want to bring the personalized coffee experience, special and freshly roasted coffee, with our fully automatic coffee machines, at every home and company in the coffee world.
8. What would be the one piece of advice you would share with a new founder?
Focus on the problem, not the market. Many entrepreneurs feel attraction for big and raising markets, but don’t solve a real problem or compete with ten companies that can do the same. By focusing in the problem, in really big problems, you can do big things.
9. What do you look for in a VC investor and what is the value-added that Bynd brings to the table?
When you can choose, something that it does not happen quite often in startups, we look for entrepreneur friendly VC’s. By this, it does not mean that the VC is soft with the entrepreneur, it means that they really understand what it means to run a startup and understand all the difficulties.
In Bynd case, the whole team understood what we do from the beginning, comprehend our metrics, business and made the right questions. Very few investors really analysed Incapto as Bynd did and we realised that you could really be smart advisors for us. Also, having our first international investor, in a country where we are planning to operate in the short term it’s important for us.
10. What do you expect to achieve with the funds recently raised?
We expect to develop our own coffee machine and manufacture them here in Europe, creating at the same time a coffee platform with all the coffee consumption information. Data is everything for us.
Also, we plan to achieve profitability in the Spanish market before we start internationalization.
About The Series
Bynd Portfolio Founders Series invites the founders of the Startups backed by Bynd to share their experience creating a startup. With each of its episodes dedicated to a single startup or founder, it provides an informal, and deep look at the world of entrepreneurship.