NEWTON, MASS. — Spindrift, a sparkling water brand flavored with real fruit, has announced the closing of $20 million in Series B-2 funding led by private equity firm VMG Partners. Additional investors in the round include Prolog Ventures, KarpReilly, RiverPark Ventures and other existing investors. The company plans to use the capital to launch its first national advertising campaign.
“We are thrilled, and humbled, by the ongoing support toward Spindrift’s mission to provide a real alternative to the sparkling water category,” said Bill Creelman, founder and chief executive officer. “Our brand has been successful in getting consumers to rally behind our values of authenticity and simplicity, while expanding across major retailers like Whole Foods, Starbucks and Kroger. This new capital now allows us to continue to support our current business partners, increase awareness of our real difference through larger marketing initiatives, and support the addition of new infrastructure to support Spindrift’s growing footprint.”
Spindrift has experienced 1,000% growth in revenue over the past three years and expects to triple distribution to more than 25,000 retail outlets this year. Founded in 2010, Spindrift products are free from added sweeteners or natural flavors and made with fruit picked from family farms and squeezed within days from harvest, according to the company. Flavors include strawberry, orange mango, grapefruit, blackberry, cucumber, lemon, raspberry lime and, the newest variety, Half & Half, which combines tea and lemon.
“We’re excited by the opportunity to continue our partnership with Spindrift,” said Robin Tsai of VMG. “They are among the brands that are disrupting the food and beverage category by providing a product that truly stands out because of their commitment to quality, traceable ingredients.”
VMG Partners previously invested in such brands as Daily Harvest, Justin’s, Kind Healthy Snacks, Pirate’s Booty, Vega and Quest.