Flow Alkaline Spring Water has raised $45 million in a Series D funding round, to support the growth and sustainability efforts of its premium water operation.
Founded in 2015, the Canadian firm sells alkaline mineral water, in a range of flavours, packaged in paper carton and is transitioning in 2020 to Tetra Pak’s new packaging made from +/-75% renewable resources.
The company is B-Corp Certified, a private certification by non-profit B Lab, said to recognise firms which ‘balance profit and purpose’ and create benefits for all stakeholders – not just shareholders.
Flow’s latest financing round “brought together a mix of personalities from the worlds of technology, sports, and entertainment”, including Shawn Mendes and his manager Andrew Gertler.
Other investors included Post Malone and his manager Austin Rosen, Coldplay manager Dave Holmes, former baseball player Chase Utley, ex-director of engineering at Uber, Curtis Chambers, and Ruttenberg Gordon Investments.
According to Flow, the investors will take a minority stake in the firm, with representatives appointed to the company’s board of advisors.
Flow, which currently has its products available at over 20,000 retailers across the US, Canada, and Europe, aims to sell over 100 million packs in 2020.
“As beverage shoppers rediscover the refreshment and taste of natural spring water like Flow, they are choosing our brand in-stores and online because of Flow’s commitment to authentic taste, pristine sourcing, and the functionality of water with higher pH levels,” said Flow founder and CEO Nicholas Reichenbach.
The firm says it expects to double its current consumer base from 10 million to 20 million by 2021 and achieve a 10% market share in the premium water category.
Commenting on the firm’s Series D funding results, Reichenbach said: “Flow shares this news with an attitude of gratitude. The financial markets have never been more dynamic and our investors’ commitment to Flow at this time is a testament to the brand’s strength and potential.
“Flow in 2020 is focused on core asset growth within the US, and job creation within our organisation and for our partners in distribution and retail.”
In 2018, Flow added a new CBD-infused water Flow Glow to its range, and this May the brand is introducing Collagen Infused Water.
© FoodBev Media Ltd 2020
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