Liquid Death has raised a further in $67m investment as the US canned-water business wants to become “a multi-category beverage platform”.
Running sales since 2019, the company has expanded past its initial canned water with canned iced teas produced and sold in the US since March last year.
“The funding will go toward product innovation as a multi-category beverage platform and scaling operations, the needs for which have been accelerated by higher than anticipated retailer demand for Liquid Death’s new flavoured sparkling water flavours and iced tea flavours slated to launch this spring,” Liquid Death said in a statement.
Without citing figures, Liquid Death said its iced teas and sparkling water products experienced “hypergrowth” in 2023.
“Liquid Death has become the fastest growing and leading brand across the water, flavoured sparkling water, and iced tea categories,” Liquid Death founder and CEO Mike Cessario said.
“We continue to see extremely strong consumer and retailer demand and are proud to have raised a strategic, oversubscribed, ‘up’ round to fuel our growth. What began as appealing to inbound interest has culminated in a leading group of strategic investors from finance, entertainment and distribution backgrounds.”
This week’s $67m financing – Liquid Death’s eighth funding round – brings the company’s valuation to $1.4bn, the company said. In 2022, it took in $145m across two venture rounds.
Liquid Death said distributors involved in its latest investment round have operations in states such as North Carolina, Oregon, Washington and Utah. The group noted that institutional investors including SuRo Capital, Live Nation and Gray’s Creek Capital Partners were part of its latest capital push.
The brand has also garnered celebrity backers such as actor Josh Brolin, NFL All-Pro and entrepreneur DeAndre Hopkins and metal band Sepultura’s Derrick Green.
Liquid Death claims to have made $263m through retail sales in 2023. The company is present in 133,000 stores across the US and the UK.
In October, Liquid Death appointed former Mark Anthony Brands and Stoli Group executive Stephan Ballard as chief commercial officer.
