High-protein chocolate milk and canned coffee brand Slate has closed a $23 million Series B round led by Foundership Ventures, bringing the brand’s total investment to $50 million.
This is the first investment from Foundership, a new fund launched by Drew Harrington and Amanda Klane (who have previously invested privately in the brand), the founders of frozen Greek yogurt brand Yasso. Slate board members Rob Smith and Brian Knez, as well as a star-studded group of individual backers from the music, sports and film industries.
New investors to the brand include hip-hop artist Ice Spice, actor Jonah Hill, former NBA basketball player John Wall, DJ/producer Diplo and gymnast-turned-podcaster Shawn Johnson East and her husband, Andrew East.
Previous investors in the brand include UFC president and CEO Dana White, NBA players Duncan Robinson and Terance Mann, and NFL player Max Crosby, among others.
“We more or less have an algorithm that has worked for our growth so far and it’s to continue to grow at the same pace but on a larger scale,” Slate co-founder Manny Lubin told BevNET.
Since launching in 2019, Slate has revamped its initial positioning as a lactose-free, canned chocolate milk brand to a protein beverage platform, offering different multiple flavor varieties in 20g, 30g and 42g of protein. The brand expects to be in about 20,000 retail doors by the end of the year.
“What you’re starting to see is a gravitation towards more protein, whether that’s the 30 or 42 [gram options],” Lubin said. “Genuinely, I think we’re still learning a lot about the amount of protein that people want in each individual [retail] channel. To be honest, I think customers are still learning that for themselves too.”
While the overall strategy remains in place, some changes are coming. Slate is bringing some online-exclusive SKUs into retail, like Classic Strawberry, which is entering Sprouts Farmers Market. The brand is also adding a Cookies & Cream flavor, available in a 30 grams of protein variety exclusively at Target.
A 4-can multipack is also on its way to select grocery and mass channel retailers, Lubin said.