US functional soda brand Olipop has raised $50m in a Series C funding round, bringing its valuation to $1.85bn. 

JP Morgan Private Capital's Growth Equity Partners led the investment round.

In a statement, Olipop said the cash injection marked its "final anticipated round of equity financing", after becoming profitable "in early 2024".

Olipop plans to use the proceeds to “drive product development, expand marketing efforts and diversify distribution channels”.  

It also looks to bolster its retail presence, add new products to its range, and “increase availability in spaces traditionally dominated by legacy sodas”. 

Olipop CEO Ben Goodwin said: “It's staggering and thrilling to have achieved a $1.85bn valuation after just five to six short years in market.”

JP Morgan Growth Equity Partners managing partner Christopher Dawe described Olipop as "one of the fastest growing beverage companies to reach this scale”. 

Dawe, who will join the soda company’s board of directors as part of the investment, added that the business “is redefining the category by offering a premium alternative that resonates with today's health-conscious consumer". 

Olipop confirmed to Just Drinks that Goodwin expects the company to see double-digit growth throughout 2025. 

Despite this positive outlook, the group also confirmed that it fell short of its $500m sales target projected in May, generating over $400m in revenue for fiscal year 2024.  

Alongside the funding news, Olipop revealed a new senior leadership structure.  

Mel Landis, a former Coca-Cola Co. executive, will join as the new president.  

She arrives at the company with over 36 years of experience with brands such as BodyArmor, The Clorox Company, and Kraft General Foods 

Olipop co-founder David Lester will exit his operating role and join the board of directors in an advisory capacity.  

As part of efforts to diversify its distribution channels, Olipop has recently entered the convenience-store market, launching its Slim Cans in locations such as Wawa, Casey’s, Kum & Go, and Circle K.   

The business sells its prebiotic sodas in nearly 50,000 locations across the US, including retailers such as Walmart, Target, Costco, and Whole Foods Market.