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.