Florida beverage startup Cirkul attains pre-money valuation of US$1B following US$70m series C round

US – Cirkul, a Florida-based beverage startup beverage company known for developing patented flavor cartridges, has attained a pre-money valuation of US$1 billion after it raised US$70 million in a Series C funding round led by SC Holdings, a New York private equity firm.

Cirkul’s produces over 50 flavor cartridges beverages that use all-natural flavoring, have no added colors or dyes, and contain zero calories or sugar.

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Since the launch of its first products, Cirkul has vastly outperformed projections attracting Walmart executives to put its brands in 4,200 stores across the US, becoming one of the largest ever retail launches for a Direct-To-Consumer (DTC) company.

According to Cirkul, the company has seen a growth of over 150% per year since its launch in 2018 by Garrett Waggoner and Andy Gay.

The funds raised at this round will help the startup continue to capitalize on the strong customer demand for our products which are tailor-made for today’s consumers, CEO & co-founder Garrett Waggoner said.

Waggoner stated: “Today, consumers are driving major shifts in the beverage industry, increasingly focused on health and reducing their environmental impact but aren’t willing to compromise on convenience or delicious flavor…”

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This fundraiser will help us continue to capitalize on the strong customer demand for our products which are tailor-made for today’s consumers.”

As the beverage industry undergoes a seismic shift brought on by evolving consumer demands, Cirkul’s product has proven to be exactly what modern-day consumers want.

Cirkul videos currently have 1.2 billion views on TikTok, and Bloomberg reports that since launching at Walmart, the brand has sold 1.5 million units and become one of the top performers in Walmart’s home department.


“We’re thrilled to partner with and support the team at Cirkul. The company combines a truly innovative product, cultural relevance with more than 1 billion TikTok video views, a passionate community, and an impressive omnichannel distribution strategy,”

SC Holdings Managing Partner Dan Haimovic Tweet

 

Hella Cocktail Co receives US$5M Uncle Nearest Ventures

Elsewhere, Hella Cocktail Co, a mixology company that creates botanically inspired mixers and beverages for cocktails has also secured US$5 million in funding from American whiskey brand Uncle Nearest’s venture arm, Uncle Nearest Ventures.

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The funding will support expansion, recruitment to Hella’s all-star team, stocking warehouses with greater inventory, and steward its mission to create an inclusive cocktail experience, according to Hella Cocktail Co.

The investment is part of Uncle Nearest’s commitment to supporting minority-owned spirit companies and will be used to help Hella Cocktail enter its next phase of growth, as well as expand its team and increase warehouse stock to meet the outpacing demand.

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