Austrian hydration company Waterdrop has raised €60 million in a Series B funding round led by Temasek.
Waterdrop – which was founded in 2016 – claims to have created an entirely new product category with its Microdrink line.
The company’s flagship innovation is a compact sugar-free cube that dissolves in water and enriches it with fruits, plants and vitamins. The cube – which weighs less than 3g and can enrich up to around 1 litre of water – results in plastic and transport-related emission (CO2) savings compared with bottled drinks.
“Our approach to the water business is to develop ecological solutions to promote responsible consumption of tap water and avoid the outdated idea of having to bottle and ship unsustainable and mostly unhealthy beverages,” said Martin Murray, founder and CEO of Waterdrop.
“It’s encouraging to align with one of the world’s leading investment firms on our vision for a new revolutionary era in the beverage industry.”
In addition to Temasek, the round included participation from existing shareholders Bitburger Ventures and Founders Future.
According to Waterdrop, the funds will support its research and development efforts, as well as the expansion of the company globally. The brand says that it reached revenue of $100 million last year.
The company has also just entered the beverage tech category with the release of Lucy, a smart cap capable of filtering water through a UV-C system.
Murray continued: “We are growing strongly across Europe and just entered the US mid-last year. In the next few years, we will pursue our expansion mainly in the US and then via Southeast Asia to China.”
© FoodBev Media Ltd 2022
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