Also contributing to the funding round: Raj and Indra Nooyi (former CEO, PepsiCo); Anjula Acharia (Founder, A-Series Management & Investments); Payal Kadakia (Founder, ClassPass); Moj Mahdara (Co-founder, Beautycon); Paul Klein (lead singer of LANY); and returning early investor Rocana Venture Partners.
Olipop was launched in 2018, with the intent to make a functional soda. Each can has 35-45 calories, contains 2-5g of natural sugars, and provides 9g of prebiotic plant fiber.
Olipop anticipates achieving a $100 million run-rate by the end of 2022.
“Americans have enjoyed soda 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, in the press release. “Our goal has always been to offer a product that can truly occupy the space that traditional soda has filled while also contributing to consumers’ overall well-being. We are thrilled to have incredible investment partners join us in this mission through their participation in our Series B. These celebrities and talent will help us reframe consumer perception of soda within American culture.”
Related: NadaMoo Closes Series B Funding Round Yogurt Smoothie Brand Partners with Top Chef Host Hain Acquires Snack Brands
Olipop will earmark the funding to develop new products, grow its team, tap into new marketing channels, and expand its e-commerce and wholesale channels, the press release states.Jared Stein, Partner at Monogram Capital Partners, is joining Olipop’s Board. He commented: “OLIPOP is transforming how consumers experience soda. Today’s consumers are increasingly focused on lower-sugar alternatives that don’t sacrifice taste and include functional benefits such as enhanced gut and immune health. We believe strongly in this mission and are excited to amplify our partnership with OLIPOP to bring much-needed innovation and functional health benefits to a traditional soda offering that is so ripe in its need for better-for-you alternatives.”
