Athletic Brewing Company, a leading alcohol-free brewer, recently announced that it has raised an additional $50 million in equity financing in a round led by General Atlantic. The company, which launched its alcohol-free craft beer facility in 2018, has grown to become the 10th largest craft brewery in the United States and the 20th largest American brewing company. According to the Brewers Association, Athletic has more than 19% of the non-alcoholic beer market share and is driving 32% of the total growth in the non-alcoholic beer category.
The latest investment will be used to increase production capacity and expand offerings to global retailers to meet growing consumer demand for alcohol-free beer. “We're passionate about transforming the way modern adults drink and turning critics into believers. We're at the beginning of a long-term trend,” said Bill Shufelt, CEO and founder of The Athletic.
The company's valuation has doubled with the latest fundraising, now sitting at $800 million. Athletic currently operates two brewing facilities in the US, one in Milford, Connecticut, and the other in San Diego. The company recently purchased a third brewing facility, also in San Diego. Once operational, this facility is expected to double Athletic's brewing capacity in the United States.
Athletic's success is largely attributed to growing health and wellness trends driving consumer interest in non-alcoholic beverages. Recent data from NCSolutions indicates that more than 40% of Americans are actively trying to drink less alcohol by 2024, a figure that rises to 49% among millennials and 61% for Generation Z.
Shufelt stated, “We sold over 3 million cases, over 100 million cans, did over $90 million in revenue last year as a company, and we're growing well above this year.” He added: “We want to give people beer they can drink seven nights a week and feel good about themselves. We've invested over $100 million in our manufacturing, which has a truly differentiated quality that this segment has never seen before. before”.
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