Path, a US-based sustainable bottled water brand, has raised $30 million in a Series A funding round led by Altos Ventures. The funds will support the company in its expansion across the US and globally.
Americans purchase around 50 billion plastic water bottles per year, according to a report carried out by Grand View Research. Path claims that by using its refillable bottle, consumers can save an average of 156 plastic bottles annually.
The company says it is on a mission to prevent 10 billion plastic bottles from ending up in landfills and oceans by 2025.
The funding will allow the company to grow the business by:
Scaling production – Path recently expanded its production on the East Coast with new production lines running in a manufacturing facility in North Carolina.
Expanding Path’s reach – The funding will help the company reach more consumers to teach them about its mission to bring the plastic crisis to the forefront and change consumer buying behaviour.
National expansion – Already available in 350+ distribution points and 50,000 retail doors around the US, the expansion hopes to lead to increased shelf presence and access to independent non-chain retailers across the country.
“We are excited to partner with Altos Ventures. This partnership brings the beverage industry and Silicon Valley together to usher in a new era of bottled water. This funding will accelerate our mission to bring the plastic crisis to the forefront and create a scalable platform for sustainability,” commented Path co-founder and CEO Shadi Bakour.
Ho Nam, managing director and co-founder of Altos Ventures, added: “At Altos, we strive to lead by example by integrating sustainability in our investment and business practices. We hope that our partnership with Path will encourage other organizations to follow in our footsteps.”
As part of the Series A funding, Path has recently announced distribution deals with retailers, including CVS, Costco, 7/11, and Walmart.
© FoodBev Media Ltd 2024