Athletic Brewing on Track to Become S.D.'s Next Unicorn, Valued at $800 Million in New Funding Round
Non-Alcoholic Beer Co. Closed $50M in Equity Financing Led by General Atlantic.
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Athletic Brewing Co., a beverage startup that made a name for itself as the first major non-alcoholic beer brand in the U.S, has raised $50 million in equity financing that values it at around $800 million.
The equity financing round led by growth equity firm General Atlantic. The new round doubles the San Diego-based company valuation, according to WSJ, who first broke the news on July 9th.
In 2022, Athletic was valued at roughly $400 million after receiving $50 million from Keurig Dr. Pepper. Athletic Brewing products include the Free Wave Hazy IPA and Upside Dawn Golden, among other nonalcoholic beers flavors.
Last year, the company exceeded $90 million in sales, sold more than 258,000 barrels of beer, making it a top-20 U.S. brewery.
The company will use the new financing to grow its team and fund renovations at its third U.S. brewing facility located in the San Diego area.
“The new facility will allow the company to double its brewing capacity in the U.S.,” Bill Shufelt, co-founder and CEO told Fortune.
To date, Athletic Brewing has raised more than $280 million. Athletic also has several A-List celebrity investors on board, including tennis star Naomi Osaka, NFL players J.J. Watt and Justin Tuck, and bicycling legend Lance Armstrong, as well as Tom’s Shoes founder Blake Mycoskie.