ATLANTA — Lemon Perfect, a maker of hydrating lemon water, raised $31 million in Series A financing. Headlined by Beyoncé Knowles-Carter, the round brings the brand’s total funding to $42.2 million and total valuation to more than $100 million.
Founded in 2017 by Yanni Hufnagel, Lemon Perfect’s enhanced water is free from sugar, artificial flavors and sweeteners. It contains electrolytes from potassium as well as antioxidants like vitamin C. Varieties include original lemon, pineapple coconut, strawberry passion fruit, peach raspberry, dragon fruit mango, blueberry acai and kiwi star fruit.
Powered by cold-pressed organic lemons, the beverage offers a host of benefits around heart health, digestive support and immune defense, along with increased metabolism, collagen synthesis, stress relief, clear skin and fresher breath, according to Lemon Perfect. It is available in retailers nationwide, on Amazon and direct-to-consumer through the brand’s e-commerce platform.
Funds from the Series A round will help the startup scale to more than 40,000 points of distribution by the end of 2022, Mr. Hufnagel said.
“Lemon Perfect is quickly taking significant market share from the leading brands in the enhanced water category by offering a better-for-you, better-tasting product that’s resonating broadly with the American consumer,” he said. “We are honored and humbled that Beyoncé has become a part of the Lemon Perfect family… Her investment and the energy it sparks will accelerate Lemon Perfect’s rise toward its goal of becoming the No. 1 brand in the multibillion-dollar enhanced water category by market share.”
Beechwood Capital, Goat Rodeo Capital, Melitas Ventures, NNS Capital and Trousdale Ventures participated in the Series A round alongside Ms. Knowles-Carter. The artist and entrepreneur previously invested in WTRMLN WTR, a maker of cold-pressed watermelon water.“I don’t typically enjoy drinks without added sugar, but Lemon Perfect is delicious,” Ms. Knowles-Carter said. “It was an easy decision to invest in something that not only tastes great and is healthy, but also, and most importantly, allows choosing a healthier lifestyle to be affordable and accessible to everyone.”