Refrigerated plant-based beverage brand Koia’s cap table continues to grow with today’s announcement that Grammy-winner The Weeknd, comedian Kevin Hart and a wide ranging group of athletes and entertainment figures have made an investment. The new funding will go towards supporting product innovation and retail expansion.
Who is involved?
According to a press release, Koia’s list of new investors includes names like “Take My Breath” singer The Weeknd and Hart Beat Ventures, the VC firm run by comedian Kevin Hart (also an investor in Brightfox, Ellis Island Tea and RTD energy supplement C4) and his trainer Ron “Boss” Everline. From the sports world, Arizona Cardinals quarterback Kyler Murray, Stanley Cup champion hockey player Ryan O’Reilly and Josh Bell of the Washington Nationals are also all involved. Rapper Cordae, singer Pink Sweats and music producer Internet Money have taken a stake in Koia as well. Other investors include “a variety of music executives, MLB and NBA players and music artists,” the release noted.
“Koia is a dope, healthy plant-based drink that just so happens to taste incredible,” said Cordae in a press release. “I love the product and use it on a daily basis, so the opportunity to become an early investor was a no brainer.”
However, the company has significant backing from more established VC groups as well; existing investors KarpReilly, AF Ventures (Accel Foods), Monogram Capital and CircleUp also all participated in the raise.
Koia also credited venture studio Grey Space Group for playing a “pivotal role” in curating and aligning the brand’s new investors.
“Even more important than the investment itself, we believe a shared vision is the key ingredient in generating long term value for brands and shareholders. We’ve brought together an incredible group of strategic investors that not only enjoy Koia’s products but believe in Koia’s mission,” said Jordan A. Stern, co-founder of Grey Space Group.
What’s been the impact of Koia’s partnership with Chris Paul?
Koia has made a point to connect with athletes, entertainers and influencers who align with its advocacy of plant-based nutrition, whether as investors (NBA star Chris Paul) or collaborators (see the appointment of fitness guru Thomas DeLauer as Chief Keto Officer in February).
In the release, Koia credited Paul specifically for having “paved the way for this diverse group of cultural leaders to invest in the brand.” The NBA star, a vocal ambassador for the health benefits of plant-based diets, caught the brand’s attention last year after he shared an image on social media of Koia as his “postgame recovery meal.” Soon after connecting with Koia CEO Chris Hunter, Paul officially came onboard as an investor and active partner, with his first order of business being the launch of a pilot program to bring branded Koia vending machines to select Historically Black Colleges and Universities (HBCU) with which he has relationships.
The Phoenix Suns star is doubling down on his support for Koia with an additional investment in the brand and the forthcoming release of a co-branded SKU. Paul is also “in discussions of expanding his role within the company,” according to the release.
“After working closely with Koia for the past several months, I can see how committed they are to building a successful business and helping people lead healthier lives,” said Paul. “With this new round of investors and friends joining the Koia Krew, we have even more potential to create opportunity and access for underserved communities.”
How has the brand performed at retail?
Koia called the funding “a significant milestone” in its journey, arriving as the brand reached nearly $60 million (+100% YOY) in retail sales in 2021. The brand’s lines of plant-based protein, keto and fruit smoothies are currently available in 17,000 stores nationwide including Whole Foods, Target, Walmart, Ralphs and 7-Eleven.
“As we continue to build this company and break ground in the beverage industry, we are thrilled for this incredibly talented and diverse group of investors to be part of our Koia family,” said co-founder and CEO Chris Hunter. “Their voices and perspectives are meaningful in the conversation around health and nutrition, and they share our collective passion for creating better access to health. Their support is a testament to the power of the better-for-you product and plant-based movement.”