US-based beverage company Roar Organic has attracted more investment from local investment firm Factory.
The Bethlehem, Pennsylvania-based company said the $10m tranche “signals a massive vote of confidence in the brand and its future”.
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Roar Organic’s product range includes flavoured, non-carbonated “functional” drinks in ready-to-drink and powdered formats.
Factory, which remains Roar Organic’s largest shareholder, first invested in the business in 2020. The size of its shareholding remains undisclosed.
Speaking to Just Drinks, Roar Organic CEO Bill Lange said the company had “multiple private investors from within the food and beverage industry”.
He refused to be drawn on how much investment the company had attracted to date but said: “We do not disclose this number but the brand has grown more than six times since Factory’s initial investment and we continue to take a measured approach to all of our spending and our investors’ support behind the brand.”
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By GlobalDataLange said Roar Organic does not disclose financial data but, pointing to SPINS data, added its net revenue grew 79% “from 2022 to 2023, delivering more than 85% dollar growth at retail”.
He added: “The 2024 plan is similarly ambitious driven by growth across existing retail partners and entering new channels of distribution.”
Roar Organic plans to use the latest funding from Factory to double its investment in marketing, boost distribution through “strategic DSD partnerships in key markets” and employ more sales and marketing staff, Lange said.
In a statement, Keith Caldwell, a partner at Factory LLC, said: “Our continued investment reflects our unwavering belief in the team, their vision, and their ability to disrupt the beverage industry. From the moment we first encountered Roar we knew there was something special here.”
