Tequila seltzer brand Onda secures US$12.5M growth investment to catalyze growth
US – Tequila seltzer brand, Onda, has secured a US$12.5 million in a growth investment round led by Aria Growth Partners to catalyze growth.
The round follows another US$5 million in Series A financing that the tequila seltzer brand raised last year to expand distribution.
Additional investors in the latest round included Clayton Christopher, one of the founders of Deep Eddy Vodka and Sweet Leaf Tea, existing partner 25madison, alongside others.
Onda, which was co-founded by actor Shay Mitchell, also announced a strategic partnership as the exclusive tequila seltzer of the next-generation fashion retailer Revolve, to bolster its presence in the market.
Michael Mente, Revolve’s CEO, and Raissa Gerona, Revolve’s Chief Brand Officer, have also invested in the company alongside a dozen other high-profile athletes, musicians, and entertainers.
Mitchell noted that they plan to make the brand accessible yet aspirational, and Revolve is the perfect partner to help the company continue to scale and tell that story.
Headquartered in New York, Onda offers 5% ABV canned sparkling drinks made with Blanco tequila and real juice containing 100 calories and zero sugar.
Trevor Nelson, co-founder at Aria Growth Partners said: “As the clear leader in premium tequila seltzer, Onda’s elevated brand and refreshing taste are bringing a whole new group of consumers into the market while offering existing ready-to-drink consumers a more enjoyable and satisfying option.”
During the Series A financing to expand the distribution of its sparkling tequila beverages across the US, Onda announced the appointment of Christopher, co-founder of Deep Eddy Vodka and Waterloo Sparkling Water, and founder of Sweet Leaf Tea, to its board of directors.
Meanwhile, the Former President and CEO of Moët Hennessy North America, Jim Clerkin, who has also held leadership roles in companies including Diageo and Beam Suntory, was appointed as non-executive chairman of the board.
Tequila is a distilled beverage that is made out of the blue agave plant. There exist two major categories of tequila: ‘100% agave’ and ‘Mixtos’.
The term tequila is protected and may only be used on the product label if the alcoholic beverage is produced in specific regions of Mexico and contains at least 51 percent agave
According to the International Wine and Spirit Research (IWSR), blue agave plant distilled beverage is the second-fastest-growing spirit in the category in the recent few years.
Just as growth is being speculated by every market analyst, Fortune Business Insight has projected the global tequila market size which was valued at US$9.89 billion in 2021to grow from US$10.43 billion in 2022 to US$15.57 billion by 2029, exhibiting a CAGR of 5.89% during the forecast period.
The growth will be driven growing Interest of Consumers in new and exotic flavors and the rising demand for premium spirits, according to the market research firm.
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