Poppi, a leading prebiotic soda brand celebrated for its refreshing flavor profiles and functional/digestive health properties, announced $25 million in new financing led by CAVU Consumer Partners.
The funding comes after a year of meteoric growth for Poppi, which began as a farmers' market favorite and is now one of the fastest growing non-alcoholic beverages in the U.S. Poppi combines real fruit, apple cider vinegar, and less than 5 grams of sugar and 25 calories to create a delicious, refreshing prebiotic soda that improves gut health. It comes in nine different flavors.
Over the past year, the brand experienced 148% increase in overall revenue and a 250% increase in online sales. The company also nearly doubled its retail presence (now in more than 20,000 doors nationwide) and became a top 10 selling item in the grocery category on Amazon during its Prime Early Access Event.
"I would have never imagined that what started as a homemade remedy for my chronic health conditions would go from the farmers market to Shark Tank, and now, to some of the biggest retailers nationwide,” Allison Ellsworth, co-founder of Poppi, said in the announcement. "I'm grateful to continue partnering with Rohan and the CAVU Consumer Partners team as we enter our next phase of growth. The growth we've experienced these past two years is a testament to the demand for functional products that taste good and do our bodies good."
Rohan Oza, co-founder and managing partner of CAVU Consumer Partners, first invested in Poppi when co-founders Allison and Stephen Ellsworth appeared on ABC's Shark Tank in 2018. Today, he sits on Poppi's board of directors, as CAVU continues to invest in the brand while offering Allison and Stephen high-level counsel.
"Poppi is one of the fastest growing beverage brands I've ever been a part of," Oza said in the announcement. "Seeing what Stephen and Allison have done to date has been incredible and with a seasoned leadership team now in place, we believe Poppi will continue its meteoric growth, cementing their position as the modern soda of tomorrow."
In its next phase of growth, the company is investing in establishing its C-suite by bringing together seasoned food and beverage executives. This includes the appointment of Lana Buchanan as chief marketing officer, who previously held VP roles at Anheuser-Busch and Campari. She joins CEO Chris Hall who was hired in May from Talking Rain and ex-Essentia CFO, Chuck Czerkawski.
Poppi also expects to focus on product development and further expand the brand's omnichannel retail presence with plans to be in over 30,000 retail doors nationwide by the end of 2023.