Olipop Inc., a California-based beverage company, has reportedly secured USD 10 million in a Series A funding round. The participants in the round include present investors Rocana Capital, Boulder Food Group, Monogram Capital Partners, Collaborative Fund, and Finn Capital Partners, along with first-time investor Döhler Ventures.
Reportedly, the Series A funding round follows a USD 2.5 million seed round which closed in January 2019. Established in 2018 by CEO & Head of Formulation, Ben Goodwin and President, David Lester, Olipop makes a line of low sugar, prebiotic tonics that provide a better alternative to CSDs in flavors such as Cinnamon Cola, Strawberry Vanilla, Classic Root Beer, and Ginger Lemon.
Sources cite that much of the recent funding will be utilized to expand the company’s marketing and sales team and to grow its direct to consumer business. Moreover, part of the funding will also be utilized for product innovation.
In 2020, the company would be focusing on expanding its retail footprint on West and East Coasts, projecting to be in more than 1800 doors by summer, a spokesperson said.
As for now, the company has partnered with several distributors including KeHE, UNFI, and LA Distributing Co. and is available in retailers including Erewhon, Jimbo’s, QFC, Whole Foods, Bristol Farms, Lasens, Lazy Acres, and Fred Meyer. This month, the brand launched in Wegmans and plans to roll out in Sprouts locations in May.
David Lester claims that it was important for the company to firmly establish its brand in the western half of the United States in 2019. They wanted to fit well in the marketplace for which they were testing its supply chain and growth drivers before expanding the beverage nationally.
Lester added that the company is excited for the opportunity to lead the growth of digestive health section in grocery stores of the nation.
Source Credit - https://www.bevnet.com/news/2020/olipop-raises-10-m-in-series-a-round