Shaka Tea, a Hawaii-based maker of ready-to-drink and bagged tea products, has raised $2.3 million in a funding round led by farming company Mahi Pono, bringing the brand’s total financing to $4.1 million. The round also includes investments from King’s Hawaiian, Gingerbread Capital, LDR Ventures, Allison Rose Culinary Ventures and Park Bench Capital as well as several angel investors.
Rowdy Mermaid Kombucha announced today it has raised an additional $3.5 million from investment firm KarpReilly in a “second and final tranche” of its Series A funding round, bringing the total financing to $7 million. In February 2019, KarpReilly led the Colorado-based brand’s initial Series A round and co-founder Allan Karp joined Rowdy Mermaid’s board of directors.
SOS Hydration, a California-based maker of electrolyte drink mixes, is the latest powdered beverage brand to take the leap to liquid, announcing today it will launch a ready-to-drink enhanced water line this summer. The line features Citrus, Fruit Punch, Mango and Watermelon flavors and will retail for $2.48 per 16.9 oz. bottle.
As the COVID-19 pandemic has forced a shutdown of all non-essential businesses, leading to both mass layoffs and a widespread shift to work-from-home for white collar workers, the growing space for cold brew coffee on draft has been effectively halted. The impact has forced coffee brands and distributors that had relied heavily on the office channel to make rapid changes.
Where trends such as ultra-filtered milk, grassfed and functional protein drinks have already given dairy a needed boost, national co-op Dairy Farmers of America (DFA) is helping new brands to move ahead with its 2020 DFA Accelerator, which announced its class of nine companies last week.
New York-based hydration beverage brand HALO Sport announced today that it has received an undisclosed six-figure investment from Alabama-based Molson Coors DSD house Gulf Distributing Holdings Inc., in addition to a distribution partnership to service the Southeast market.
Aiming to create a better-for-you version of a nostalgic childhood staple, Boston-based Slate Milk is tackling the RTD dairy space with a new line of chocolate milks positioned to serve either as a functional protein recovery drink or as a sweet indulgence, depending on the use occasion.
OLIPOP adds Rainforest Distribution, expands Whole Foods and adds Sprouts with exclusive launch of new Cherry Vanilla flavor; So Good So You Adds Sprouts Chainwide with three SKUs of its juice shot line; Ugly Drinks Enters Kroger in Tennessee; NOCCO Adds GNC
After production issues hobbled growth last year, Reed’s Inc. reported in an earnings call yesterday that it has rebounded with 13% net sales growth to $9.5 million in Q1. Speaking with investors yesterday, Reed’s CEO Norman Snyder said the company’s volume growth was driven by distribution expansion and higher velocities.
Jones Soda Co. last month laid off nine employees and furloughed four others, including almost the entirety of its sales team, the company reported in its Q1 2020 earnings call on Thursday. Speaking to investors, interim CEO Jamie Colbourne said the layoffs were a result of financial constraints caused by the COVID-19 pandemic, but offered no further details.
Hydrant, the maker of a line of powdered hydration drink mixes, has raised $5.7 million in a Series A funding round led by Coefficient Capital, the company announced today, bringing its total funding to $8.8 million. In addition to Coefficient Capital, the round also included Rx3 Ventures and prior investors Soma Capital and Sixers Innovation Lab, an incubator program run by the NBA’s Philadelphia 76ers.
Last month, Swig + Swallow rebranded to Cheeky Cocktails Co., dropping its entire product portfolio and the half-full bottle concept in favor of a new line premium syrups and juices, available in eight flavors for $7.50 per 8 oz. bottle.
Oregon-based Riff Cold Brewed announced last week that it has named Adam Hertel as chief revenue officer; DAHlicious Organic announced that it has appointed former Mondelez International senior director Pamela Goldberg as CEO; Goldstein leaves Organic Valley for CMO role at cannabis cultivator and dispensary INSA
Flow Alkaline Spring Water announced today it has closed a $45 million Series D funding round, backed by a group of individual investors that includes pop star Post Malone and former MLB champion Chase Utley. The financing will go towards the company’s goal of scaling distribution and production and doubling its consumer base by next year.
