SANTA MONICA, CALIF. — Liquid Death Mountain Water closed a $70 million Series D funding round valuing the business at $700 million.
Founded in 2017, Liquid Death offers a selection of still and sparkling water packaged in aluminum cans. Products are sold in 60,000 stores nationwide, including Whole Foods Market, 7-Eleven, Sprouts, Publix, Sheetz and others. The brand is the top-selling still water and second top-selling sparkling water on Amazon.com.
Liquid Death is projecting $130 million in revenue this year, up from $45 million in 2021, said Peter Pham, co-founder of Science Inc., the lead investor in the round.
“We believe Liquid Death may be the fastest growing non-alcoholic beverage of all time,” Mr. Pham wrote in a Medium post. “From our research, it took Monster four years and Celsius 12 years to reach the level of retail success Liquid Death has had in just three.”
He credited co-founder and chief executive officer Mike Cessario for creating a “cultural zeitgeist” and loyal fan base through marketing and social media efforts, noting Liquid Death is the most-followed beverage brand on TikTok in the United States, with content earning more than 21 billion media impressions in the past year.
“Liquid Death is moving people toward healthier and sustainable drinking options, not by preaching to them, but by entertaining them and making them a part of something bigger in culture,” Mr. Pham said. “People are shifting their consumption habits away from unhealthy sodas, energy drinks and alcohol and cutting out plastic thanks to Liquid Death while having more fun.”
The company is laying the groundwork for an initial public offering and expansion into Europe, he added.
“The investment reiterates our commitment to a barbell approach — we get in at idea inception on the ground floor with founders and invest in late-stage businesses where we see strong economics and growth,” Mr. Pham said.