The soda brand Olipop rolled out a Hollywood-worthy red carpet for a parade of celebrity investors who participated in its $30 million Series B funding.
What Happened: The new funding round was led by Monogram Capital Partners and included the participation of film, music and sports stars including all three Jonas Brothers plus Nick Jonas’ wife Priyanka Chopra Jonas, Camila Cabello, DeAndre Hopkins, Mindy Kaling, Paul Klein from the band LANY, Logic, Academy Award-winner Gwyneth Paltrow, J.J. Redick and Patrick Schwarzenegger.
Also participating in the funding round were corporate A-listers including Snap Inc. (NYSE:SNAP) Chairman Michael Lynton, former PepsiCo (NASDAQ:PEP) CEO Indra Nooyi and Shake Shack (NYSE:SHAK) Chief Marketing Officer Jay Livingston.
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Why It Matters: Olipop was launched as a soda designed to support digestive health. According to the Oakland, California-based company, this funding round values the three-year-old brand at $200 million.
Olipop plans to use Series B funding to develop new products, build its workforce team and expand its marketing and distribution presence. The company anticipates achieving a $100 million run-rate by the end of 2022.
“Our goal has always been to offer a product that can truly occupy the space that traditional soda has filled while also contributing to consumers’ overall well-being,” said Ben Goodwin, co-founder, CEO and formulator at Olipop. “We are thrilled to have incredible investment partners join us in this mission through their participation in our Series B. These celebrities and talent will help us reframe consumer perception of soda within American culture.”
Photo: Jonas Brothers, courtesy of NBC.
