Coconut water maker ZICO Rising confirmed the closing of a Series B round that raised $9.1 million of an anticipated $9.5 million. The brand would not comment on the details of the investment round.
With the exception of new CEO Christopher Gallant, no new board members were listed on the Securities and Exchange Commission Form D filed on December 31. The date of first sale was listed as December 11, 2024.
Gallant took over the chief executive role in September from Tom Hicks, who stayed with the brand as chief commercial officer.
Previously, ZICO Rising had raised $14 million in January 2023, according to a separate SEC filing.
ZICO Rising (formerly ZICO) has been building back share in the coconut water category since its former founder Mark Rampolla bought it back from Coca-Cola in 2020. In aseptic juice, the brand’s dollar sales rose 36.4% to $8.8 million in the most recent 52-weeks ending October 6, according to Circana scanner data. Volume sales were up 26.8% with pricing elevated 7.6%.
Though a legacy brand, ZICO Rising is competing against Vita Coco and Harmless Harvest, which together represent pver half of the category dollar share in the U.S. Along with its shelf-stable products, ZICO Rising will be releasing a refrigerated-only 13.5oz. bottle to compete with Harmless Harvest this year.
Insurgent brands in coconut water have nibbled at the edges of the set with strategies focused on flavor and marketing approaches. Kokomio has positioned around its differentiated taste deriving from Mexican-sourced coconuts as opposed to the Asian varieties used by the majority of brands. 100 Coconuts and Once Upon A Coconut spent the last few years lining up new approaches to marketing using high-value partnerships.
Taking a familiar approach, ZICO Rising aligned with professional tennis player Naomi Osaka and NFL star DK Metcalf last year as investors and brand ambassadors.
Coconut water category sales have been on the rise recently, up 14.9% in the last 52-weeks, according to NielsenIQ data compiled by Goldman Sachs.