USA – Athletic Brewing Co., a leading US non-alcoholic beer brand, has successfully closed a US$50 million equity funding round.
The investment was led by General Atlantic, a New York-based private equity group, with participation from other existing investors. General Atlantic will join Athletic Brewing’s board of directors after the deal’s closure.
The newly secured funds will be used to increase production capacity and expand Athletic Brewing’s offerings at global retailers, addressing the rising consumer demand for non-alcoholic beer.
In a press release, the company expressed its enthusiasm for the partnership with General Atlantic, stating, “We are passionate about transforming the way modern adults drink and converting critics into believers.
We’re at the start of a long-term trend, and we couldn’t be more excited to have General Atlantic by our side as Athletic begins its next phase of growth.”
In the coming 18 months, Athletic Brewing plans to install a new packaging line and make improvements to the brewhouse, cellar, and lab to meet food safety and quality requirements.
The 107,000-square-foot site is expected to double the company’s brewing capacity by 2025.
Andrew Crawford, Managing Director and Global Head of Consumer at General Atlantic commented, “Athletic has rapidly become the category-defining brand in non-alcoholic beer, and we are excited to partner with Bill and John as the company continues to grow.
With a differentiated brewing process, leading taste profile, and loyal customer base, Athletic is poised to take advantage of the expanding global demand for non-alcoholic beer.”
Since its launch in 2018, Athletic Brewing has grown to become the 10th-largest US craft brewery and the 20th-largest overall US brewing company, according to the Brewers Association.
The company holds over 19 percent market share within the non-alcoholic beer segment and is driving 32 percent of the category’s total growth, according to NielsenIQ data.
The Wall Street Journal recently reported that Athletic Brewing’s valuation has doubled with the latest fundraising, now standing at US$800 million.
The company currently operates two brewing facilities in the US and recently announced the purchase of a third facility in San Diego.
“We sold well over 3 million cases, over 100 million cans, did over $90 million in revenue last year as a company, and we are growing well above that this year,” said Athletic CEO and founder Bill Shufel.
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