Athletic Brewing, a brand that has been making waves in the alcohol industry, recently closed a $50 million equity financing round led by General Atlantic. This comes after a successful $50 million Series D round led by Keurig Dr Pepper. Founded by Bill Shufelt and John Walker in 2018, the Milford-based company has gained a significant following with its lineup of non-alcoholic beers.
According to the Brewers Association, Athletic Brewing ended 2023 as the 10th largest craft brewer in the United States and the 20th largest overall brewer, selling over 258,000 barrels. This rapid growth has led to the acquisition of two former Ballast Point brewing facilities in San Diego. With a focus on long-term growth, the company plans to renovate its latest acquisition to double its U.S. brewing capacity.
The recent funding will be used to bring the newest brewery up to standard with on-site improvements, including a new packaging line and enhancements to the brewhouse, cellar, and lab. The goal is to meet the company’s high food safety and quality standards. Bill Shufelt, Co-Founder and CEO of Athletic Brewing, expressed excitement about the partnership with General Atlantic and the brand’s next phase of growth.
General Atlantic’s interest in Athletic Brewing is in line with the growing trend of consumers seeking healthier beverage alternatives. A recent survey showed that 41% of respondents were actively trying to moderate their alcohol consumption in 2024, indicating a shift in consumer preferences. With a leading taste profile and loyal customer base, Athletic Brewing is well-positioned to capitalize on the expanding global demand for non-alcoholic beer.
Athletic Brewing’s success has not gone unnoticed, as the brand was named one of TIME’s “100 Most Influential Companies” of 2024 and recognized by GQ as one of the 20 most creative companies worldwide. Holding over a 19% market share in non-alcoholic beer and driving 32% of total category growth, Athletic Brewing is making its mark in the industry. Despite challenges in the beer market, the brand’s innovative approach seems to resonate well with consumers.
Athletic Brewing’s journey from a startup to a market leader in the alcohol industry is a testament to its unique positioning and innovative offerings. With strategic investments, a focus on quality, and an understanding of consumer trends, the brand has managed to carve out a significant market share and gain recognition on a global scale. As consumer preferences continue to evolve, Athletic Brewing is well-positioned to lead the way in the non-alcoholic beer category and beyond.
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