US-based energy drink start-up Lucky Energy has raised another $14m in an “over-subscribed” Series A1 round.
The $14.2m of investment, which brings the company’s total funding to over $40m, was led by venture capital firm Maveron.
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The funding round was also joined by DMG Ventures, a VC fund backed by UK media group Daily Mail and General Trust. DMG Ventures has also invested in food and drink businesses including UK CBD brand Trip.
Lucky Energy said it had also secured backing from existing investors Imaginary Ventures, Brand Foundry Ventures, Sapphire Sport and Sugar Capital.
In a statement, the brand said it intends to use the fresh capital to “accelerate” its distribution, launch more products and hire in “key” but unspecified business areas.
Established in 2023 by Richard Laver, Lucky Energy said it has witnessed “explosive growth” with its products on sale in 10,000 outlets. Retail stockists include 7-Eleven and Circle K. It has a target of taking listings to 15,000 this year, with new customers including Kroger, Albertsons and Ahold Delhaize.
Asked for details of the company’s net sales, it told Just Drinks it would “grow its net revenue over 400% both digitally and through wholesale in 2025”.
In the statement, Maveron co-founding partner Dan Levitan said the company will “support” Lucky Energy “on their path from obscurity to ubiquity in the vibrant and rapidly evolving energy drink market”.
In conjunction with the funding, Lucky Energy has appointed Dan Ginsberg, former CEO of Red Bull North America and Dermalogica, to its board of directors.
Laver, who remains the company’s largest shareholder, said: “With this latest investment round and marketing, branding, and operations executive Dan Ginsberg now on our board, we are well-positioned to lead the category.”
Lucky Energy’s product line features zero-sugar, zero-calorie energy drinks, priced at $26.88 per 12-pack.
The drinks come in six flavours including Son of a Peach and Bodacious Berry.
Lucky F*ck, which was rebranded as Lucky Energy last year, received $4m in seed funding from Imaginary Ventures in December 2023.
