A Shoc Energy, Koia quench thirst for capital
Beverage companies A Shoc Energy and Koia are quenching their thirst for capital. The former just closed a $29 million Series B round and the latter pulled in an A-list investment.
- Koia's latest financing is a prelude to a Series B it plans to raise this summer, with a $30 million target for the round, the company tells Axios.
Why it's the BFD: The deals come as the functional beverage market is expected to grow from about $120 billion in 2021 to approximately $198 billion by 2026, according to the Food Institute and data provided by researchandmarkets.com.
Details: A Shoc Energy, which makes beverages containing natural caffeine and no sugar, is backed in part by Keurig Dr Pepper.
- A Shoc's investors for this round include MLB stars Aaron Judge and Freddie Freeman, golfers Lexi Thompson and Brooks Koepka, and former NFL star Michael Strahan, among others, according to Front Office Sports.
- Existing investors Keurig Dr Pepper, co-founder Lance Collings and 7-Ventures also participated.
Meanwhile, Koia, a maker of plant-based protein and keto shakes, attracted investment from a mix of VC firms, entertainers and athletes, including Karpreilly, AF Ventures, Monogram Capital, CircleUp, The Weeknd and Kyler Murray, among others.
- The company said it generated $60 million in revenue for the past year, growing 100% year over year.
Editor's note: This article has been updated with information from Koia that it will target $30 million for its Series B and that it generated $60 million in revenue with year-over-year growth of 100%.