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Typically water tastes higher when it’s in a cool-looking can.
At the least that’s the thesis behind Liquid Demise, a 3-year-old startup that’s already valued at $700 million following its newest spherical of financing. The $70 million funding was led by Science Ventures, with participation from different traders together with Reside Nation Leisure Inc., music group Swedish Home Mafia and comic Whitney Cummings.
The Santa Monica, California-based beverage enterprise launched in 2019 and is already on monitor for $130 million in income this yr, in line with the corporate, up from $45 million in 2021. It sells water in beer-style cans and distributes them in shops, on-line and at concert events.
Liquid Demise, which now additionally sells flavoured drinks, noticed a chance to promote nonalcoholic drinks that look extra interesting and environmentally pleasant than a conventional plastic water bottle.
“If you happen to don’t wish to drink, that is far more enjoyable,” stated co-founder and Chief Government Officer Mike Cessario, including that he believes model loyalty will hold it aggressive towards Nationwide Beverage Corp.’s LaCroix or PepsiCo Inc.’s Bubly.
The funding will probably be used to broaden into new beverage classes and into the European market.
Cessario stated that a part of Liquid Demise’s success could be attributed to its cans making the product look “enjoyable and unhealthy like beer or an power drink.”
That is the second spherical of financing that Liquid Demise is asserting this yr. The corporate stated it was valued at $525 million in January. The startup stated it has raised $195 million to this point. It will definitely needs to pursue an initial public offering. “It’s a path we’re exploring someday within the subsequent two years,” Cessario stated.
Liquid Demise could possibly be one other shopper hit for Santa Monica, California-based investor Science Ventures, which additionally helped launch Greenback Shave Membership. That firm in the end bought for $1 billion to Unilever Plc in 2016.
Peter Pham, co-founder at Science Ventures, stated shopper success generally comes all the way down to advertising expertise, which he stated Cessario has.
“Shoppers are sensible — they know they’re being marketed to,” Pham stated. “So there’s a wink, nod, nod to them saying, let’s have enjoyable.”
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