- Oct 2, 2024
- 2 min read
US energy drink company Lucky Energy has closed an oversubscribed $11.75m Series A funding round led by Brand Foundry Ventures.
Additional participants in the round included Imaginary Ventures, Sapphire Sport and Sugar Capital among others. This recent round brings the company’s total funding raised to date to $26.5 million.
Funds will be used to grow brand awareness, support strategic partnerships and accelerate retail growth as Lucky Energy looks to enter major retailers in 2025.
The Series A round comes as the brand continues to expand its team with the hire of multiple energy beverage industry experts, including Hamid Saify as chief marketing officer, joining from Liquid Death; and Aaron Sorelle as chief growth officer, joining from C4 Energy.
Founded by Richard Laver in 2023, Lucky Energy positions itself as a ‘better-for-you’ energy drink option for consumers with a cleaner label. Its ingredients lists include maca, ginseng, beta-alanine, taurine and caffeine, and the range is currently available in five flavours.
Laver commented: “In starting Lucky Energy, I saw a white space in the category to create a 'less is more' product that not only entertains today's consumer but inspires our community to never give up and relentlessly chase their dreams. We've put together a team of industry disruptors and we're making an impact on the market in never-before-seen ways.”
Andrew Mitchell, founder of investment round leader Brand Foundry Ventures, said that ‘clean’ energy makes up less than 10% of the broader energy drink category, which is worth over $100 billion, giving Lucky Energy a ‘unique value proposition’ in the space.
“The energy market is vast, rapidly expanding and primed for brand and product innovation,” added Rico Mallozzi, principal at investor Sapphire Sport. “With the top three energy brands being over 20 years old, there is a clear demand for an anti-brand like Lucky Energy, which embodies positivity and has the potential for broad consumer appeal.”
