OLIPOP, Oakland, Calif., introduced the profitable closing of its Sequence C funding spherical, anchored by a $50 million funding from J.P. Morgan Non-public Capital’s Progress Fairness Companions. Spearheaded by J.P. Morgan, this last anticipated spherical of fairness financing for OLIPOP catapults the model’s valuation to $1.85 billion. After attaining profitability in early 2024, OLIPOP is concentrated on sustaining its progress whereas persevering with to redefine what soda will be, the corporate says.
Based in 2018 by Ben Goodwin and David Lester, OLIPOP got down to modernize soda its excessive fiber, 2-5 grams of sugar possibility. In the present day, the model is experiencing vital momentum because the No. 1 single-serve non-alcohol beverage producer in greenback and unit progress contribution, it says citing Circana and SPINS information for the 52 weeks ending Dec. 1, 2024, excluding non-public label. Moreover, 50% of this progress is incremental to legacy carbonated gentle drinks, primarily based on Numerator information for the 52 weeks ending Dec. 1, 2024, which means half of OLIPOP’s progress comes from new customers getting into the class and present carbonated gentle drink customers including OLIPOP to their carts.
OLIPOP has established itself as a premium possibility within the soda class, pushed by a dedication to high quality substances and research-backed formulation. The model additionally just lately carried out human medical trials, displaying optimistic outcomes round blood sugar stability and metabolic well being. In keeping with its dedication to well being and accessibility, OLIPOP now permits tens of thousands and thousands of Individuals to reimburse purchases by “Meals as Drugs” advantages supplied by medical insurance community companions. The model’s newly launched Shelf-Secure Line has pushed accelerated progress, delivering distinctive efficiency and persistently outpacing class averages throughout all debuted retailers. The brand new line provides incrementality by attracting new customers to the class, and consequently, OLIPOP now reaches almost one in 5 households, solidifying its standing as a family title.
This Sequence C funding will drive product growth, develop advertising and marketing efforts, and diversify distribution channels, enabling OLIPOP to succeed in much more customers nationwide. The model plans to develop its retail presence, add to its lineup of nostalgic basic flavors and improve availability in areas historically dominated by legacy sodas. OLIPOP is offered in nearly 50,000 doorways throughout the U.S. in notable retailers comparable to Walmart, Goal, Wawa, Complete Meals Market, Kroger, Costco, Starbucks and extra.
This Sequence C financing was anchored by J.P. Morgan Non-public Capital’s Progress Fairness Companions, the $1 billion progress fairness arm of the biggest financial institution within the U.S. This elevate helps to validate OLIPOP’s widespread adoption with customers and in addition the institutional consciousness of the success and profitability of the model.
“It’s staggering and thrilling to have achieved a $1.85 billion valuation after simply 5 to 6 quick years in market; a testomony to the innovation breakthroughs and momentum we now have demonstrated because the founders of the trendy soda class,” stated Ben Goodwin, CEO, co-founder and formulator of OLIPOP, in a press release. “It’s an honor to work with J.P. Morgan Non-public Capital’s Progress Fairness Companions on this subsequent section of our journey as we develop our attain throughout the U.S. and advance our mission of getting more healthy soda to as many customers as attainable.”
Christopher Dawe, Managing Companion of J.P. Morgan Progress Fairness Companions, who will be a part of the Board of Administrators as a part of the transaction, added: “OLIPOP is likely one of the quickest rising beverage firms to succeed in this scale and is redefining the class by providing a premium different that resonates with as we speak’s health-conscious shopper. The model’s authenticity, mission-driven crew and massive market alternative resonated with us. We sit up for supporting OLIPOP by its subsequent section of progress.”
Along with this elevate and valuation, OLIPOP is asserting a brand new senior management construction. Mel Landis, a former Coca-Cola government, will be a part of the model as its new president. At the side of this last elevate, co-founder David Lester is exiting an working function and getting into the board of administrators with an advisory seat. Landis, a seasoned government with greater than 36 years of expertise with manufacturers like Coca Cola, BodyArmor, The Clorox Co. and Kraft Common Meals, will step right into a key management function, guiding the model by its subsequent section of progress as OLIPOP continues to revolutionize the class.
