USA – Owen’s Craft Mixers, a New York-based tonic water and mixer producer has raised US$3 million in a Series A funding round to support its expansion.
The funding round was led by Chicago-based Levy Family Partners, whose managing partner Larry Levy co-founded Levy Restaurants, which is now owned by sports and entertainment venue operator Compass Group.
The investment will allow the beverage brand to better fund its sales operations aimed at boosting market penetration, expand its availability and build broader brand awareness.
Josh Miller president and co-founder of Owen’s Craft Mixers, said: “Our mutual alignment was a natural fit for Owen’s seeing as we too found initial brand success through bars, restaurants and stadiums.
“We’re thrilled to have the personal and professional support of Larry Levy as we look toward additional retail channels and growth opportunities among sports, entertainment and catering venues.
“With what Levy has built in terms of the business, it’s special to have him look at a product like Owen’s and have it be something in which he can recognize the success and the trajectory as well.”
Levy Family Partners will be joining existing investors behind the Owen’s brand: RJ and Jerrod Melman of Lettuce Entertain You, Sterling Bay, Mandell Ventures, and Clarence Otis Jr., former CEO of Darden.
“We recognised a spirit in Owen’s that resembles our core mission to create unforgettable food and beverage experiences in memorable places,” said Larry Levy of Levy Family Partners.
“I love the Owen’s products and think the company will become an important brand.”
Owen’s markets a variety of premium cocktail mixers in retail stores, bars, restaurants and venues in flavours such as: grapefruit and lime; tonic water and lime; ginger beer and lime; and mint, cucumber and lime.
The brand sells its products in 250 ml and 750 ml glass bottles at retailers including Walmart, Safeway and Ralphs, among others. The company has expanded its retail presence to 5,500 US stores in less than two years.
Miller said that while the company is focused on the product lines and sizes that it currently offers, flavor innovations are due to arrive next year adding that the company seeks to balance expansion at retail with a bigger presence at “high profile” on-premise locations.