SAN FRANCISCO — Flavored water brand Hint, Inc. has closed a $25 million Series D financing round led by Springboard Growth Capital. Additional investors include Philippe Laffont, Gingerbread Capital and Medina Heights Capital Partners.
Available in more than 30,000 retail outlets nationwide, Hint water is growing eight times faster than the premium still water segment overall, with retail sales growth surpassing 80% in the past 52 weeks, according to SPINS data. The brand’s online sales have more than doubled this year, and the company said it has continued to break monthly sales records throughout the first seven months of 2020, despite the impact of the coronavirus (COVID-19) pandemic.
Hint plans to use the latest funding to fuel continued growth online and in retail stores.
“Hint helps people fall in love with water, so they can lead healthier lives,” said Kara Goldin, founder and chief executive officer of Hint. “Since our earliest products 15 years ago, fans of Hint have raved about how we stay true to the fruit and don’t use any sugar or sweeteners. They obsess over the fact that our watermelon water really tastes like watermelon and our blackberry water really tastes like blackberries. Now, many of our longtime fans have invested in helping us bring Hint to new consumers across this country.”
Springboard Capital Partners invests in high-growth companies in the consumer sector founded by female entrepreneurs.
"We are thrilled to build on our partnership with Kara, who is the visionary, purpose-driven founder of Hint,” said Amy Wildstein, co-founder and managing partner of Springboard Growth Capital. “With Hint, we’ve found a brand that has successfully challenged the status quo to create a dynamic beverage category for the increasingly health conscious consumer. Hint’s strong platform of both online and retail distribution has proven to be a tremendous asset — especially in the current environment — and my partners and I are pleased to continue to support the brand, Kara, and her team through Hint’s next phase of growth.”