TLDR:
– Liquid Death, a canned water manufacturer, received $67 million in funding and is projected to have $263 million in revenues by 2023.
– Venture capital-backed beverage startups like Liquid Death are aiming to disrupt established companies like Pepsi and Coke by introducing new drink categories and redefining traditional industry norms.
Article Summary:
On March 11, Liquid Death, a canned water startup, secured $67 million in funding at a $1.4 billion valuation. The company is expected to generate $263 million in revenues by 2023. Despite being in a challenging industry for VCs, Liquid Death has managed to raise over $267 million in venture capital, catching the attention of investors like Michael Jones, managing director of Science Ventures. Jones shared that his firm was initially not interested in the beverage industry, but backed Liquid Death due to its disruptive potential in challenging established companies like Pepsi and Coke. Some venture-backed beverage startups are looking to innovate the industry by introducing new drink categories, inspired by the approach of technology companies. Liquid Death, for example, utilized beer marketing and shelf positioning strategies to succeed not only in retail stores but also at various events and venues.
Overall, venture capital-supported beverage startups like Liquid Death are emerging to shake up the industry and pose a threat to traditional giants like Pepsi and Coke by introducing new products and redefining industry norms.
