Performance shot maker Magic Mind secured $12.4 million of a nearly $16 million Series A round led by BFG Partners with additional funding from existing investor Rocana Venture Partners, according to a Securities and Exchange Commission Form D filing yesterday.
This is BFG Partners’ first investment in the brand, adding managing partner Dayton Miller to Magic Mind as a board member.
Previous investors in the brand include OpenSky Ventures, Liquidity Capital, Taurus Ventures and JAZZ Venture Partners, among others.
This new round of investment comes after Magic Mind president William Hicks told BevNET in January that it had been raising capital in 2024 as it prepared to launch new SKUs and expand its retail footprint.
After offering one version of its matcha-based functional shot for years, Magic Mind unveiled its new MAXX and FREE varieties in April. MAXX adds 165 milligrams of time-release caffeine, while FREE is a stimulant-free version with no caffeine. Previously, the brand had released a melatonin-free sleep shot and caffeine-free gummies available online.
Starting with nationwide distribution in Sprouts Farmers Market locations in January 2024, Magic Mind has steadily built a retail footprint throughout Southern California, adding Vons, Albertsons, Pavilions and others this year. The shot maker has also expanded into Northern California and the Southwest with Safeway, while adding in grocery chains in Texas and Publix stores in Florida.
Overall, the energy shot category has slumped recently, with sales falling 5.3% in the 52 weeks ending June 15, according to Circana omnichannel tracking. Yet, as consumers moderate caffeine and sugar intake, wellness-focused brands have pulled share away by offering functional products that increase focus, mental clarity and brain health.
Euromonitor International reported last month that there was “untapped potential in the female-driven interest in brain health and productivity” where “alternative formats” like hybrid wellness shots could bring new energy consumers to the table with products that offer portability and functionality.