Partake Brewing, the leading craft nonalcoholic beer brand in North America, announced today it has raised $4 million in its first institutional funding round led by San Francisco-based CircleUp Growth Partners, CircleUp’s equity fund that takes a data-driven approach to investing in visionary entrepreneurs and products.
Self-funded since launching three years ago, the brand is now poised to lead the renaissance of the nonalcoholic beer category that consumers are driving as they change why, when and how they drink and socialize.
Joining CircleUp in this financing are ExportDevelopment Canada (EDC), Natural Products Canada, McLean & Associates and Barrel Ventures. Launched in 2017, Partake Brewing is a nonalcoholic craft beer brand that focuses on flavor, health, socializing and inclusivity for people who choose not to drink alcohol whether out of need or increasingly as a lifestyle choice.
Partake Brewing was founded by Ted Fleming after a diagnosis of Crohn's Disease led him to give up alcohol. Ted turned to drinking nonalcoholic beer to maintain the connection and interaction that comes with social drinking. He found that variety and taste were missing from the nonalcoholic category, which inspired him to brew his own.
Partake Brewing now brews a variety of craft nonalcoholic beers that consumers love for their exceptional taste and category-leading calorie profiles (10 calories per can). The company has been the recipient of numerous international awards for product quality and innovation including a Gold Medal at the World Beer Awards for Best Nonalcoholic Beer.
“We are thrilled to be joined on our mission to transform the nonalcoholic beer category by such anaccomplished team of investors, board members and advisors,” said Ted Fleming, founder and CEO of Partake Brewing. “With their support, guidance and insights, Partake Brewing is in a fantastic position to expand our category leadership position in North America with our trailblazing products.”
The new funds will accelerate Partake Brewing’s growth specifically in the U.S. market by allowing the brand to secure key hires, grow its distribution and retail network and build consumer brand awareness to support Partake Brewing’s expanding coverage with retailers such as Total Wine & More and Whole Foods Market.
"We're on a mission to help entrepreneurs thrive by giving them the capital and resources they need,"said Pat Robinson, managing director at CircleUp Growth Partners. "Ted has built an amazing capital-efficient business and we're excited to partner with him toaccelerate growth."
"Helio, our proprietary technology platform, flagged that Partake excels on taste, variety and nutritionals—the top three purchase criteria in the nonalcoholic beer category," said Trevor Rechnitz of CircleUp Growth Partners.
"Partake's five varieties, 10 calories and 2 grams of carbs per can and award-winning taste combine to differentiate it from the other emerging players."
Source: Partake Brewing