Long Drink Closes $25M Funding Round

Celebrity backed spirits-based RTD The Finnish Long Drink has announced the closing of a $25 million funding round led by New York-based investment management firm Neuberger Berman, the company announced today.

Launched in the U.S. in 2018, The Finnish Long Drink is a ready-to-drink version of a traditional gin-and-citrus soda cocktail popularized during the 1952 Summer Olympics in Finland. Offering a spirit-forward alternative to low-alcohol spiked seltzers, the line features three varieties — Traditional, Zero and Cranberry — each at 5.5% ABV, plus Strong (8.5% ABV). The product is sold in over 10,000 stores in the U.S. for a suggested retail price of $11.99 per 6-pack.

“While the market for [a] canned replacement to traditional cocktails is interesting, ultimately it’s not as big as [the] volume of beer or seltzer brands,” said Evan Burns, who co-founded the company alongside Sakari Manninen, Mikael Taipale and Ere Partanen. “Long Drink has already shown in some of our more mature markets that we can compete with established volume brands, and has been especially effective at on premise where it’s often sold alongside craft and high end beers.”

Since launch, the company has added a slate of notable names to its cap table, including new co-owners in actor Miles Teller, DJ Kygo and pro golfer Ricky Fowler. Other backers include pro golfers Justin Thomas and Kramer Hickcock, tennis players Elliot Tebele and Reilly Opelka, NFL players Dalvin Cook and Braxton Berrios, and film director Peter Farrelly, among others.

Behind the scenes, Long Drink has also recently added management experience with the hiring of Matt Green, a former senior director at Beam Suntory, as Vice President of Off Premise Chains last month.

Burns said that the new group of backers will use their public profile to help grow awareness for the Long Drink, adding that Neuburger Berman has “built its involvement in a way that can increase the production support as we grow.”

According to Burns, the new investment will help fuel the brand’s nationwide distribution growth, boost its marketing presence and ramp up production.

In terms of innovation, Evans said the company’s approach is simply to stay focused.

“Tito’s has done a great job with one flavor, so while we may try a few things, for the time being we are going to stay very focused on expanding accessibility and awareness,” he said.