Seven months after the brand was acquired by King’s Hawaiian parent company Irresistible Foods Group, Shaka Tea’s founders Harrison Rice and Bella Hughes are moving on to new ventures, beginning with the launch of investment fund Roya Capital.
The husband and wife team announced on LinkedIn Wednesday in near-identical statements that they have left the company they co-founded in 2016.
“So much gratitude for everyone who has been part of my Shaka Tea journey! After taking Shaka Tea from an idea to a major, national success (we were acquired earlier this year by an incredible company, Irresistible Foods Group with Hawaiʻi roots), I have decided that the time is right to pursue new entrepreneurial opportunities,” Hughes wrote on LinkedIn. “I wish Shaka Tea well and today is my final day at the company.”
Shaka Tea is a Hawaii-based brand that produces locally-sourced iced and bagged teas. The company was acquired in February for an undisclosed sum, making it the first dedicated beverage brand in the King’s Hawaiian portfolio. At the time Shaka’s bottled teas were sold in around 8,000 doors nationwide and Hughes projected it would expand to over 20,000 locations by the end of 2022. According to IRI, Shaka Tea’s ready-to-drink dollar sales were up 379.1% in retail to $6.6 million in the 52-weeks ending June 12.
While they may be moving on from Shaka, Hughes and Rice will continue to focus on the CPG sector as investors, advisors and founders.
Earlier this year, the duo launched early-stage investment fund Roya Capital, which is focused on financing women-founded CPG brands. Since April, the fund has invested in gluten-free foods producer Partake, canned wine brand Maker and upcycled cracker company Seconds.
Hughes is also a co-founder of Hawai’i FoundHer, an accelerator program for Native Hawaiian and AAPI women entrepreneurs.
Reached over LinkedIn today, Hughes said she also intends to stay hands-on in CPG and is currently “working on something new that’s going to launch next year.”
Prior to the sale, Rice had served as Shaka Tea’s CEO and Hughes acted as President. After the acquisition, Rice transitioned to the President role while Hughes adopted the Head of Mission & Innovation title. It is not immediately clear if their roles at the brand will be filled.
Shaka Tea and Irresistible Foods Group did not immediately return requests for comment.