OAKLAND, Calif., Feb. 01 2022 (GLOBE NEWSWIRE) — Functional soda brand OLIPOP today announced the completion of its $30 million Series B funding round led by Monogram Capital Partners with celebrity investors Camila Cabello, Priyanka Chopra Jonas, Nick Jonas, Joe Jonas, Kevin Jonas, Mindy Kaling, Logic, and Gwyneth Paltrow. Also contributing to the funding round were Raj and Indra Nooyi (Former CEO, PepsiCo), Anjula Acaria (Founder, A-Series Management & Investments), Payal Kadakia (Founder, ClassPass), Moj Mahdara (Serial Investor and Co-Founder, Beautycon), Paul Klein (singer of the pop group LANY) and first return investor Rocana Venture Partners. This funding round values the three-year brand at $200 million and marks a significant milestone in their journey to usher in the next era of soda. OLIPOP plans to reach a pace of $100 million by the end of 2022.
OLIPOP brings a scientifically controlled, mission-driven approach to the category to help support digestive health in America. About 60% of Americans experience a digestive problem every week1 and 95% of Americans do not meet the recommended daily fiber intake2.
OLIPOP was launched in 2018 by beverage entrepreneurs Ben Goodwin and David Lester who set out to create a functional soda, one that tasted familiar and delicious, but with the added benefits of microbiome and digestive health support. In just three years, the brand has disrupted the traditional soda industry and garnered widespread appeal for its savory, nostalgic flavors and exclusive gut-friendly formulation. While traditional soda is loaded with sugar and additives, each can of OLIPOP is 35 to 45 calories, contains two to five grams of natural sugars, and provides nine grams of prebiotic plant fiber, or one-third of the daily amount. recommended. The product eliminates the consequences of the traditional soda category and makes way for a new functional soda with benefits, changing the trajectory of health outcomes for many consumers.
“Americans have enjoyed sodas for over 125 years. It has deep emotional and cultural resonance for consumers, and the category has become intertwined with our daily lives,” said Ben Goodwin, co-founder, CEO and formulator at OLIPOP. “Our goal has always been to offer a product that can truly occupy the space occupied by traditional sodas while contributing to the general well-being of consumers. We are thrilled to have incredible investment partners joining us in this mission through their participation in our Series B. These celebrities and talents will help us reframe consumer perception of soda within American culture.
Other entertainment and business leaders have also joined this Series B funding round as strategic investors, including: Lavinia Errico (Co-founder, Equinox), adam eskin (founder/CEO, DIG), Roger Gold (Co-Founder, 300 Entertainment), Marianna Hewitt (Co-founder, Summer Fridays), DeAndre Hopkins (Wide receiver, Arizona Cardinals), Lauren GoresIreland (Co-founder, Summer Fridays), Devon Levesque/DML Group (adventure capitalists), rupert lincoln (Founder, Hills Artists), Jay Livingstone (CMO, Shake Shack), Michael Lynton (President, Snap Inc.), JJ Redick (Former professional basketball player), John Rigos (Director, Aurify Brands), Philippe Rosenthal (Screenwriter/Television Producer), Patrick Schwarzenegger, Brandon Shainfeld, Keri Shahidand Nick Tran (Head of Global Marketing, TikTok).
Monogram Capital Partners, which led the company’s $10 million Series A in 2020, is doubling its investment in OLIPOP. Jared Stein, Partner, who joins OLIPOP’s Board of Directors, says “OLIPOP is transforming the way consumers experience soda. Consumers today are increasingly focusing on low-sugar alternatives that don’t sacrifice taste and include functional benefits such as better gut and immune health. We strongly believe in this mission and are excited to amplify our partnership with OLIPOP to bring much-needed innovation and functional benefits to a traditional soft drink offering that is so mature in its need for better alternatives for you. .
OLIPOP will use the Series B funding for the development of new products, the growth of its team, the exploitation of new marketing channels, including television and outdoor advertising, and the expansion of its e-commerce channels and wholesale.
OLIPOP Image Assets: https://drive.google.com/drive/folders/1bwklF2Jlru6Vy24yepSby0EdP-utRIDV?usp=sharing
OLIPOP is a functional soda that offers the experience of enjoying cola without the guilt. OLIPOP was formulated alongside a team of leading scientists who developed a tonic that combines the classic taste of club soda with the benefits of plant fibers, prebiotics and other botanical ingredients to help balance the body’s microbiome and promote general well-being. OLIPOP is available in a variety of flavors including Vintage Cola, Orange Squeeze, Strawberry Vanilla, Cherry Vanilla, Lemon Ginger, Classic Root Beer, Orange Cream, Blackberry Vanilla, and Classic Grape. OLIPOP is non-GMO, paleo, vegan, and gluten-free and is available online at www.drinkolipop.com as well as at over 10,000 grocers nationwide, including Kroger, Target, Whole Foods, Sprouts, Safeway, and Wegmans.
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A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/f06b786d-bcb7-4505-863f-9834fc6c8266