GREENWICH, CONN. — Cheribundi, a maker of performance beverages, raised $15 million in a Series B funding round led by private investment firm Emil Capital Partners. Funds will support growth marketing, innovation and additional strategic hires.
Launched in 2004 under the name CherryPharm, Cheribundi offers seven non-GMO, not-from-concentrate tart cherry juices for post-workout recovery and overall wellness. The lineup includes several varieties designed for functional benefits, like Hydrate, which features 30% coconut water; Rebuild, which features whey protein for muscle recovery; and Relax, which features melatonin, valerian root and lemon balm.
“Emergence of naturals to performance has lagged behind, creating an opportunity for clean beverages like Cheribundi to pioneer this category,” said Marcel Bens, managing partner and chief operating officer at Emil Capital Partners. “The new capital allows us to hone our focus, evolve our positioning and hire best-in-class operators such as Moss, who not only share our vision but have the credentials to take us there.”
Cheribundi also announced a change in management. James Moss has been named chief revenue officer. Mike Hagan, former chief executive officer, departed the company in September.
Mr. Moss brings more than 25 years of leadership experience at emerging food and beverage brands. He most recently was CEO of BOS Brands, a tea and sports drink maker. He also led Heavenly Organics, a raw honey and whole cane sugar company. Before that he held senior sales positions at Dr Pepper/7UP, a division of Cadbury Schweppes, and GlaxoSmithKline.
“From the outset I was attracted to Cheribundi’s strong presence within pro and collegiate sports teams in addition to its strong distribution,” Mr. Moss said. “I am thrilled to be working with an all-star leadership team to help accelerate the company’s growth and secure its position as the natural performance leader within the beverage space.”