US non-alcoholic brewer, Athletic Brewing Company, has closed a $50 million funding round to expand its brewing capacity in response to growing consumer demand.
The Series C round was led by existing Athletic investors and board members Alliance Consumer Growth and TRB Advisors, with other investors including athletes, entrepreneurs and celebrities, such as Blake Mycoskie, Lance Armstrong, Justin Tuck and JJ Watt.
The new funds will support a ‘major’ investment in a larger east coast brewery less than a year after the opening of Athletic’s 150,000-barrel facility in San Diego.
The new site will boost the non-alcoholic brewer’s production capacity to keep pace with consumer demand in the US, while the company is also set to launch in a number of overseas markets.
In addition, the capital will support the expansion of Athletic’s team, while the company also plans to expand partnerships “to connect with its consumer community”.
Launched in 2018, Athletic offers a range of non-alcoholic beers, created to cater for active adults who want to enjoy high-quality beer, across a variety of styles and flavours, without the alcohol or impact on personal goals.
In 2020, the company claims to have grown almost 500% year-over-year for the second year running. Athletic’s new hoppy sparkling water brand DayPack also launched last year.
“We’re humbled that both investors who have been with us from the beginning and a host of new partners have faith in our ability to continue operating and expanding as a brewery whose commitment to our customers has never wavered,” said Athletic founder and CEO, Bill Shufelt.
“This investment will allow Athletic to keep doing what we do best, brewing great beer for our customers, and giving back to the communities we care about.”
Alyssa Ferenz, chief financial officer at Alliance Consumer Growth, added: “Athletic is one of those game-changing brands that doesn’t come along very often and has the ability to massively change the landscape of non-alcoholic beer as we know it.
“We’re thrilled to build on our partnership with the Athletic team so that they can continue to serve a huge unmet need and grow their positive impact on their communities and the environment.”
© FoodBev Media Ltd 2022
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