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G.O.A.T. Fuel raises $5m in seed funding round

US-based energy drink brand G.O.A.T. Fuel has raised $5 million in a seed funding round led by Stage 1 Fund and Morrison Seger Venture Capital Partners. The round, which has brought the total amount raised to $12 million since launching in 2020, included participation from past investors such as American businessmen Eddie DeBartolo Jr and Marc Lore, and the brand's co-founder, Jerry Rice. The funds will be used to accelerate growth, amplify marketing efforts, unveil new flavours and build consumer awareness in the sports energy drink market. G.O.A.T. Fuel beverages feature a blend of cordyceps mushrooms, natural caffeine, green tea, BCAAs and 10 essential vitamins. The energy drinks are available at several retail locations across the US, including Publix, Target, Walmart and HEB. Jaqui Rice Gold, CEO and co-founder of G.O.A.T. Fuel, said: "We're grateful to have secured our first-ever institutional round of funding in a space that is becoming increasingly more competitive and despite growing market challenges. Our success in this round is another indication that conviction is building around our brand, and demand is accelerating."

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