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America’s biggest non-alcoholic beer brand secures US$50M equity financing

Food Ingredients First 2024-08-05
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Athletic Brewing Company, the largest non-alcoholic brewery in the US, has closed a US$50 million equity financing round, valuing the company at a reported US$800 million.

The company says growth investor General Atlantic led the financing round with participation from multiple existing investors, with General Atlantic assuming a seat on the company’s board of managers as part of the transaction’s closing.

It plans to use the new capital “to drive continued long-term growth,” including through the purchase of a third US brewing facility and the ongoing expansion of its beer at retailers worldwide.

Increased demand
Athletic Brewing holds over 19% market share in the non-alcoholic beer market and is driving 32% of the category’s growth, according to NielsenIQ data.

“We’re thrilled to welcome General Atlantic as a key growth partner at a time when we’re significantly expanding our West Coast capacity to meet increasing demand for Athletic beer,” says Bill Shufelt, co-founder and CEO of Athletic Brewing.

“We are passionate about transforming the way modern adults drink and converting critics into believers. We’re at the start of a long-term trend, and we couldn’t be more excited to have General Atlantic by our side as Athletic begins its next phase of growth.”

The company launched in 2018 with the aim of creating non-alcoholic beers that are indistinguishable from full-strength alcoholic beverages.

Rise of non-alcoholic beers
The brand’s rise reflects a boom in sales of non-alcoholic beers in recent years, with consumers opting for alternative, healthier options to traditional beers. According to nclick="updateothersitehits('Articlepage','External','OtherSitelink','America’s biggest non-alcoholic beer brand secures US$50M equity financing','America’s biggest non-alcoholic beer brand secures US$50M equity financing','342088','https://www.foodingredientsfirst.com/news/sober-curious-europeans-keen-to-roll-back-on-alcohol-amid-functional-beverage-innovations.html', 'article','America’s biggest non-alcoholic beer brand secures US$50M equity financing');return no_reload();">a recent survey, 40% of Europeans would opt for coffee instead of alcohol and over half of those polled claim they would cut back if a wider range of healthy beverages were available.

Meanwhile, 58% of consumers say that low- and non-alcoholic beer is a good alternative for anyone looking to moderate their alcohol consumption long-term, according to figures from the Beer Institute & Morning Consult Poll.

Traditional beer companies like Heineken, Budweiser and Guinness have also joined the trend and created their non-alcoholic offerings, highlighting the growing appetite among consumers.

However, despite this growing popularity, the burgeoning market nclick="updateothersitehits('Articlepage','External','OtherSitelink','America’s biggest non-alcoholic beer brand secures US$50M equity financing','America’s biggest non-alcoholic beer brand secures US$50M equity financing','342088','https://www.foodingredientsfirst.com/news/dry-january-alcohol-free-beer-innovation-pivotal-to-health-movement-amid-labeling-challenges.html', 'article','America’s biggest non-alcoholic beer brand secures US$50M equity financing');return no_reload();">faces some challenges, particularly around labeling, which has been criticized for its inconsistency, leading to confusion among consumers. Discrepancies in descriptors such as “zero,” “alcohol-free,” “non-alcoholic,” and “dealcoholized” have been called out by leading alcohol associations as a potential barrier to consumption in the future.

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