KeVita Inc., the maker of KeVita Sparkling Probiotic Drinks, closed on a $6 million Series D financing round led by SPK Capital LLC. Other existing investors, including KarpReilly and the Ecosystem Integrity Fund, participated in the financing of the Oxnard, Calif.-based company. Investment bank Silverwood Partners acted as the exclusive financial advisor to KeVita in the transaction.
"KeVita's rise over the past few years has been phenomenal, with 100 percent year-over-year growth in 2013 and that momentum continuing into 2014," said SPK's Elliot Karathanasis, who will join KeVita's board. "This is an outstanding opportunity to partner with an exceptionally strong brand and management team that continues to emerge as an undisputed leader in the space."
Bill Moses, cofounder and CEO of KeVita, added, "With this round of capital, we will be deploying some new marketing initiatives to even further accelerate the Company's growth. We also continue to invest in innovation and will have new products in the market out later this year. SPK's knowledge and experience in the consumer space was a great fit and addition to our shareholder base."
Michael Burgmaier, managing director of Silverwood Partners, added, "We like to work with companies like KeVita over the long-term and have enjoyed a strong relationship with Bill and his team since early 2012. KeVita is a rare beverage asset out there—an incredibly strong brand with ever-increasing velocities off of the shelf. As experts in the healthy food, beverage and supplement space, we see a lot of companies, and our relationships provide for broad access to leading institutional investors in these sectors. We were pleased to bring SPK and KeVita together."
KeVita produces an organic line of probiotic drinks that range from 5 to 45 calories per serving. The products, which are vegan and free of dairy, gluten and GMOs, feature a proprietary probiotic culture of four strains. The beverages can be found nationwide at retailers such as Safeway, Vons, Kroger, Ralphs, Sprouts and Whole Foods Market.