On Tuesday, Olipop unveiled a new $30 million Series B funding spherical led by Monogram Cash Associates, the Beverly Hills-centered venture capital agency that focuses on client and retail firms. Becoming a member of Monogram is a slew of large-name traders like pop star Camilla Cabello, all three of the Jonas Brothers, actress and comedian Mindy Kaling and Goop way of life mogul Gwyneth Paltrow, as properly as founders and executives from the likes of PepsiCo, TikTok, Equinox and Shake Shack. The funding values Olipop at $200 million, in accordance to the startup.
Though primarily based in Oakland, Olipop has set up shut ties in the L.A. local community. Released in 2018, the soda brand name initially appeared on the cabinets of trendy organic and natural supermarket Erewhon, where by it promptly grew to become one of the major-selling beverages. (Olipop has since expanded to more substantial chains like Complete Foodstuff, Kroger and Sprouts.)
“We wouldn’t be exactly where we are proper now without the need of the L.A. ecosystem jumping on board,” Olipop head of new small business development Steven Vigilante told dot.LA. “Hopefully we can replicate that in the relaxation of the place.”
The manufacturer has sought to seize the nostalgia of cracking open a Coke—it provides soda fountain-era flavors like Classic Cola and Traditional Root Beer, as very well as fruitier twists like Strawberry Vanilla—without the artificialities that accompany standard sodas. Olipop’s mix of prebiotics and unorthodox components like Jerusalem artichoke, chicory root and slippery elm bark produces a combination that is reasonably minimal on sugar and energy whilst wealthy in fiber. (Each and every can has two-to-five grams of sugar, 35-to-45 energy and up to 9 grams of fiber.)
Monogram saw the prospective in a improved-for-you soda alternate and regarded as Olipop to be a to start with mover in the room, in accordance to Jared Stein, a companion at the Beverly Hills-primarily based VC firm. The Series B is Monogram’s 3rd financial commitment in the company, just after it participated in the startup’s seed spherical and led its $10 million Series A in 2020.
“We saw a enormous market place-sizing prospect in soda,” Stein instructed dot.LA. “Olipop’s taste profile matches a lot additional intently in direction of soda—which gets to be crucial when you imagine about not just achieving your purchaser in a Whole Meals on the coast, but being able to convert a longtime soda drinker in the middle of the country who’s additional worth-targeted in terms of price tag stage.” (Olipop sells for $2.49 for each can at merchants like Target.)
Olipop programs to use the Series B funding to mature its team, create additional flavors and merchandise and grow its ecommerce and wholesale channels. The model also programs to ramp up its internet marketing presence via both a national Tv advertisement marketing campaign and on the internet channels like TikTok, wherever an influencer-led campaign is in the will work.
“It took us three many years to get to 8,000 outlets by the end of 2021, and we’ll be in 19,000 [stores] by June of this yr,” Vigilante stated.
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