Canned water company Liquid Death is now worth $700 million

New York
CNN business

“Why didn’t I think of that?” File: A startup that sells water in beer cans — literally — is approaching a $1 trillion valuation.

Liquid Death raised a new round of funding on Monday, bringing its valuation to $700 million. Since its launch in 2019, the brand has seen explosive growth thanks to its loyal fans, subversive marketing and unique packaging, which its latest investor believes could be “the fastest non-alcoholic drink of all time”.

Science Ventures led the latest $70 million round. Liquid Death said it is on track for $130 million in revenue this year, nearly triple last year’s revenue.

“With this instance, the company begins to lay the groundwork for an IPO path if it makes sense for the business, as well as expanding into Europe,” investor Peter Pham wrote in a Medium post.

Liquid Death is sold in 16-ounce cans at popular stores (including Target, 7-Eleven and Whole Foods), online and at concerts through its deal with Live Nation. More recently, flavored seltzer has expanded, with specialty flavors such as “Mango Chainsaw” and “Severed Line.”

Pham said the company’s name helped fuel its success.

“Just as Tesla led drivers to electric vehicles that are better for the planet, it became part of the culture through a great product and brand,” Pham wrote. “Liquid Death is leading people to healthy, sustainable drinking choices, not by preaching, but by entertaining and making them part of something bigger in the culture.”

Online chat and hobby can also be credited for its rapid rise in popularity.

“Most Twitter influencers have hailed this soft drink brand as one of the fastest growing and its eco-strategy has the potential to disrupt the soft drink market,” Smitarani Tripathy, social media analyst at GlobalData, wrote in a note. tuesday