ROAR Organic announced today it has received a $10 million investment from equity stakeholder Factory LLC, aimed at supporting the hydration beverage brand as it experiences recharged growth in national retail.
According to the company, the funding reflects “a massive vote of confidence in the brand and its future” from Factory, a CPG investment and brand building firm which first took an equity stake in ROAR in 2020.
“From the moment we first encountered ROAR, we knew there was something special here,” Factory partner Keith Caldwell said in a press release. “Our continued investment reflects our unwavering belief in the team, their vision, and their ability to disrupt the beverage industry.”
The investment arrives after ROAR raised a total of $16 million last year, including a $6 million infusion in December that was characterized as an “add-on” to investments made in February and April by “existing investors.”
ROAR CEO Bill Lange told BevNET in February 2023 that the brand grew gross revenue by 116% in 2022 and was, at the time, anticipating about 80% growth for 2023.
According to Circana, sales of ROAR beverages categorized as “Flavored Convenience/Bottled Still Water” grew retail dollar sales by 93.8% to around $11.3 million in the U.S. MULO and c-store retail accounts in the 52-week period ending December 31. The brand is among the fastest growing in the category, which combined grew 1.7% in the same period, and outpaced other fast-rising mid-size brands such as Lemon Perfect (+70.4%) and Kraft’s Fruit2O (+40.8%).
However, that data only reflects a portion of ROAR’s business, and does not include ecommerce sales or the brand’s powdered hydration mix line.
Founded in 2014, ROAR has gone through a number of branding and format iterations over the years, but Lange said in February that the current format – which has more firmly positioned the brand as an organic sports drink – has begun to resonate more with consumers.
Last year, ROAR expanded its sales team and has focused on increasing its marketing efforts to raise brand awareness. The company has partnered with the Professional Pickleball League, serving as the “Official Hydration Partner” and most recently launched a sixth RTD flavor (Blackberry Lemonade) and a fourth powder flavor (Cherry Limeade) earlier this year in collaboration with Peloton instructor Jess Sims.
“2023 was a fantastic year for the brand, but we believe we’re just getting started,” Lange said in the press release. “Our on-trend product portfolio aligns with the shifting consumer preferences towards healthier, functional yet great tasting beverages— and we couldn’t be more confident in our ability to continue to make significant impact.”