Total amount raised
$304 Million
Latest funding date
7/1/2024
Location
Athletic Brewing has successfully raised significant funding, achieving a valuation of $800 million. The company specializes in manufacturing non-alcoholic craft beer and has garnered the support of 15 investors, including General Atlantic and Alliance Consumer Growth.
Keep reading to explore the intricacies of Athletic Brewing's fundraising journey and the investors backing this innovative company.
What Is Athletic Brewing?
Athletic Brewing, founded in 2017 by Bill Shufelt and John Walker, is a pioneering company in the non-alcoholic craft beer industry. Headquartered in Milford, Connecticut, the company has grown significantly, employing between 251 and 500 people.
Specializing in non-alcoholic beverages, Athletic Brewing offers a variety of craft beers made from natural ingredients. The company promotes a healthy lifestyle and community involvement, contributing to local trails and initiatives. Their products include stouts, radlers, and limited edition brews, available through a subscription service.
How Much Funding Has Athletic Brewing Raised?
- Seed Round
- Amount Raised: $500K
- Date: September 2018
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the company's operations and initial product development.
- Seed Round
- Amount Raised: $3.1M
- Date: December 2019
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand production capacity and market reach.
- Series B
- Amount Raised: $17.5M
- Date: March 2020
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and increase distribution channels.
- Debt Financing
- Amount Raised: $30M
- Date: February 2021
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support ongoing growth and operational needs.
- Series C
- Amount Raised: $50M
- Date: May 2021
- Lead Investors: Alliance Consumer Growth, TRB Advisors
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To drive long-term growth, including the purchase of a third U.S. brewing facility and expansion of product offerings.
- Venture Round
- Amount Raised: $25M
- Date: October 2021
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further expand production and distribution capabilities.
- Debt Financing
- Amount Raised: $25M
- Date: May 2022
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the company's financial stability and growth initiatives.
- Series D
- Amount Raised: $75.5M
- Date: November 2022
- Lead Investors: Keurig Dr Pepper
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance production capabilities and expand market presence.
- Venture Round
- Amount Raised: $9.1M
- Date: March 2023
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To continue scaling operations and meet increasing demand.
- Venture Round
- Amount Raised: $68M
- Date: July 2024
- Lead Investors: General Atlantic
- Valuation at Round: $800 million
- Motivation Behind the Round: To support the company's growth in the non-alcoholic beer market and expand its product offerings.
Total Amount Raised: $303.7M. Current Valuation: $800 million.
Key Investors
- General Atlantic
- Details: General Atlantic is a global growth equity firm providing capital and strategic support for growth companies. They have taken a seat on Athletic Brewing's Board of Managers.
- Investment Focus Areas: Technology, consumer, financial services, healthcare.
- Notable Investments: Airbnb, Uber, Alibaba.
- Keurig Dr Pepper
- Details: Keurig Dr Pepper is a leading beverage company in North America offering a wide range of hot and cold beverages. They are a key investor in Athletic Brewing.
- Investment Focus Areas: Beverage industry, including both hot and cold beverages.
- Notable Investments: Keurig, Dr Pepper, Snapple.
- Alliance Consumer Growth
- Details: Alliance Consumer Growth is a private equity firm focused on high-growth consumer companies. They have invested in Athletic Brewing to support its expansion.
- Investment Focus Areas: Consumer brands with high growth potential.
- Notable Investments: Shake Shack, BarkBox, Harry's.
- TRB Advisors
- Details: TRB Advisors is a private investment firm. They are involved in various sectors and have invested in Athletic Brewing.
- Investment Focus Areas: Diverse range of investment opportunities.
- Notable Investments: Details not specified.
What's Next for Athletic Brewing?
With the recent $50 million equity financing led by General Atlantic, Athletic Brewing is poised to double its U.S. brewing capacity. This expansion includes the purchase of a third U.S. brewing facility, renovations, and the installation of new packaging lines. These steps will significantly enhance production capabilities and market reach, positioning the company to capture a larger share of the growing non-alcoholic beer market.
The strategic partnership with General Atlantic opens doors for future fundraising opportunities, leveraging their expertise in technology, digital marketing, and merchandising. As Athletic Brewing continues to grow, additional investments are likely to support further innovation and expansion. However, the company must navigate challenges such as maintaining quality standards amid rapid growth and integrating new facilities seamlessly.
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