SJF Ventures led the round, while other investors included Interplay Ventures, Third Prime Capital, Dolik Ventures, and Robert Beckler, the former president of packaging at WestRock.
First Beverage CEO Bill Anderson told BevNet that the addition of new capital as well as new team members and investors would allow the firm to provide a broader range of insights from within and outside the beverage industry.
Plant-based, health startup Revere launched last week with plans of bringing personalization to athletes’ pre- and post-workout mixtures. Now, the direct-to-consumer drink mix company has announced it raised $2 million in a seed round led by Lerer Hippeau Ventures prior to the launch.
Founded in 2014, Evy Tea’s ready-to-drink line is now available in roughly 500 stores throughout the Northeast, and Chen said she wants to dominate the region before expanding further. The company is currently in serious talks with several top beverage distributors.
After Massachusetts-based Spindrift Beverage Co., Humm is now the second beverage brand to receive investment from VMG Partners, a private equity firm with a portfolio that includes Kind Healthy Snacks and Health Warrior.
Last month, the Vermont-based maple water brand announced it had received $250,000 in funding from Vermont venture capital firm FreshTracks Capital as part of a $4.35 million Series A round that was led by venture capital firm Cleveland Avenue.
According to a U.S. Securities and Exchange Commission filing, the financing is part of a total $3,750,000 equity offering. The round was led by IDEA Fund Partners, Duke Angel Network, and DUMAC, and included contributions from local investors around the company’s North Carolina homebase.
Los Angeles-based foodtech company Soylent has pulled in some Silicon Valley-grade investors, closing out a Series B financing round today with $50 million in funding, led by GV (formerly Google Ventures), bringing the company’s total funding to $74.5 million.
In an interview with BevNET, Spindrift CEO Bill Creelman explained that the company’s rapid growth made securing more working capital a primary objective for this funding round.
The funding includes approximately $1.18 million in principal and interest under promissory notes converted into shares of Series A Preferred Stock in connection with the initial closing of the offering.
Following a successful raise in 2016, Black Medicine is going for a second round of funding via equity-based crowdsourcing site CircleUp, a platform that netted the cold brew coffee maker $1 million last year.
In an interview with BevNET, Normandin, who founded baby and toddler organic food brand Little Duck Organics, said the company was in the middle of closing the fundraising round and declined to go into specifics. He said that the new resources would be directed towards the company’s current focus on marketing initiatives and developing new products.