US sparkling fruit beverage brand Spindrift has secured $20 million in series B funding as it aims to launch its first nationwide advertising campaign.
Led by private equity firm VMG Partners – which has already invested in frozen food delivery service Daily Harvest and protein supplement manufacturer Ancient Nutrition this year – the investment also saw funding from Prolog Ventures, KarpReilly and RiverPark Ventures.
Driven by consumer demand for brands that offer simple ingredients, Sprindrift has been able to grow steadily since its launch. In 2018, the brand aims to triple distribution to more than 25,000 doors and reach a milestone of 5 million cases shipped.
CEO Bill Creelman started the brand in 2010 as a solution to kick his soda addiction. “We are thrilled, and humbled, by the ongoing support toward Spindrift’s mission to provide a real alternative to the sparkling water category,” he said.
“Our brand has been successful in getting consumers to rally behind our values of authenticity and simplicity, while expanding across major retailers like Whole Foods, Starbucks and Kroger.
“This new capital now allows us to continue to support our current business partners, increase awareness of our real difference through larger marketing initiatives, and support the addition of new infrastructure to support Spindrift’s growing footprint.”
Robin Tsai of VMG said: “We’re excited by the opportunity to continue our partnership with Spindrift. They are among the brands that are disrupting the food and beverage category by providing a product that truly stands out because of their commitment to quality, traceable ingredients.”
Ilya Nykin of Prolog added: “Sparkling water is a category that’s existed for some time, but what’s most exciting is to play a role in ushering the new era of healthy bubbles without the use of artificial sweeteners.”
Spindrift beverages are available at retailers and café-style restaurants in the US. In 2016 the brand unveiled a new packaging design to convey the core message of real ingredients.
© FoodBev Media Ltd 2018