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Diving overview:
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Liquid Death has closed a $67 million funding round, valuing the beverage company at $1.4 billion. The funding will be used to expand national distribution to meet demand and accelerate product innovation. said the startup.
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The investment includes contributions from some of the biggest names in entertainment and sports, including actor Josh Brolin and NFL All-Pro DeAndre Hopkins, as well as national distribution companies.
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Liquid Death announced that its 2023 retail sales through the register will be $263 million. The fast-growing water and tea maker posted triple-digit growth for the third consecutive year, according to SPINS data cited by the company.
Dive Insight:
Liquid Death is experiencing a surge in demand for its products, so investors are understandably interested in owning a piece of the company.
The $1.4 billion valuation is a “significant increase compared to previous funding rounds,” the Los Angeles company said. Liquid Death’s last funding round took place in October 2022, raising $70 million, valuing the brand at $700 million.
Liquid Death said its “financial needs are accelerating due to higher-than-expected demand from retailers” for new sparkling water and iced tea flavors scheduled to launch this spring.
“Liquid Death is the fastest growing and leading brand in the water, flavored sparkling water and iced tea categories,” said Mike Cesario, Founder and CEO of Liquid Death. he said. “We continue to see very strong consumer and retailer demand and are proud to have raised a strategic and oversubscribed ‘up’ round to accelerate our growth.”
The funding round continues an active period at Liquid Death.
Once known only for its water and eye-catching name, Liquid Death is actively moving to expand its presence in the beverage category. In addition to flavored sparkling waters and iced teas, we entered a new category earlier this year with the introduction of Death Dust, an electrolyte drink mix available in Sevard Lime, Mango Chainsaw and Convicted Melon. did.
Liquid Death is known for their catchphrase “Kill your thirst”. Last summer, it hired Goldman Sachs to help with its IPO. later this year. The company also appointed former White Claw executive Stephen Ballard as its first chief commercial officer last October, who will oversee local sales, distribution, domestic trading and international expansion.