Boulder, CO (September 14, 2017) – Bhakti, a Boulder-based manufacturer of craft-brewed chai tea secured a $5.1 million Series B investment led by Cleveland Avenue with participation from another strategic investor, as well as Colorado Impact Fund and other existing investors. This investment will fuel packaging innovation, accelerate nationwide distribution into conventional retail and facilitate investment in brand building activities.
Bhakti was founded in 2007 by Brook Eddy, who after traveling to India, developed her own chai recipe blending fair trade tea, fresh pressed organic ginger and fiery spices to then bottle and sell throughout Colorado. Bhakti is the top selling ready to drink chai in natural retailers, as well as in cafes across the country. The company has grown significantly in recent years, becoming a national brand, by rolling out new products and increasing distribution across channels.
“We are truly thrilled to welcome Cleveland Avenue and our other new investor to the Bhakti tribe. They bring incredible expertise and will be tremendous strategic partners as we continue to build this brand” said Sarah Bird, Bhakti’s CEO.
Bhakti is on a mission to become a leader in the beverage category, while maintaining devotion to sustainable business practices, making craft brewed products and supporting charitable organizations focused on women’s issues. This funding is the next step to make their mission a reality.
About Cleveland Avenue
Cleveland Avenue, LLC is a privately-held accelerator which identifies and supports innovative restaurants, food and beverage startups by providing collaborative expertise, educational tools, and financial resources. Visit us at www.clevelandave.com and @CleveAveLLC on Twitter and Instagram.
About Colorado Impact Fund
The Colorado Impact Fund, founded in July 2014, is a venture capital firm managed by an affiliate of Vestar Capital Partners, which is dedicated to supporting local Colorado companies that generate consistent investment returns in addition to positive community outcomes. Investors in the Fund include some of Colorado’s most respected executives, families, foundations and corporations, each of whom is committed to making a difference in the State of Colorado and beyond. Targeting investments in the areas of community health, natural resource conservation, education and workforce development and economic development, the Colorado Impact Fund leverages its collective experiences, resources and networks to help Colorado entrepreneurs create exceptional and lasting companies. For more information, visit http://www.coloradoimpactfund.com.
Bhakti was founded by Brook Eddy after an interest in social action and travel led her to India to study a movement based on Bhakti, which means devotion through social action in Sanskrit. In 2007, Bhakti, Inc was born with the vision of fusing vibrant flavors, created from the highest quality, sustainably sourced ingredients, in artisan craft-brewed products, delivered by a mission driven company. The company embraces Bhakti through its commitment to charitable donations and sustainable business practices. Bhakti is a certified B Corp, uses Fair Trade, non-GMO Project verified and organic ingredients. Bhakti products are available at Whole Foods Markets, natural and independent markets, Costco, Kroger, Target and cafes nationwide. For more information or to find Bhakti products, please visit http://drinkbhakti.com.