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Functional beverage company Olipop expects to double sales this year to $60 million, CEO Ben Goodwin tells Axios. 

Olipop is eyeing an annual revenue run rate of $100 million by December, Goodwin adds. 

Why it matters: The fast-growing beverage brand is a prime example of just how popular fortified nutritional beverages (aka functional beverages) are becoming. 

The big picture: The functional beverage market is expected to be valued at about $200 billion by 2030 from approximately $110 billion in 2020, according to research provider Research and Markets.

By the numbers: After Olipop was founded in 2017, it generated $1 million in sales in 2019. By 2021, that figure grew to $30 million.

The company expects to be cash flow positive by the end of 2023.

To illustrate its monthly sales trajectory, Goodwin said Olipop hit $3 million in sales for the first time last October. This was followed by booking $4 million in sales in February and $5 million in March. 

To date, Olipop has raised $55.9 million — including a $30 million Series B round at a $200 million valuation, announced in February.

Of note: Olipop is unlikely to raise additional equity and will look at alternative debt solutions to minimize further dilution, Goodwin says.

Although Goodwin posited that the company could reasonably look to exit in three to five years, or when the company's annual revenue run rate is in the neighborhood of $200 million to $300 million, in follow-up the company said it does not have a formal timeframe or mandate for an exit.

How it works: Olipop says its products support gut health and the body's microbiome by incorporating nine grams of prebiotic plant-based fiber in each drink along with natural sugars. Beverages come in flavors such as cola, root beer, orange and grape, among others.

Details: Investors include Monogram Capital Partners, Rocana Venture Partners and Finn Capital Partners, as well as former PepsiCo CEO Indra Nooyi and celebrities such as Camila Cabello, Mindy Kaling and Gwyneth Paltrow, among others.

Flashback: The company operates in a segment once largely dominated by sports drink brand Gatorade and products such as Ensure, which provides a mix of protein and vitamins.

But in the last two decades, the field has become increasingly crowded with new entrants, from coconut water to energy drinks.

Brands such as Bodyarmor, Propel, Recess, Poppi, Spindrift and Smartwater, among many others are now vying for consumer dollars.

What's next: In partnership with Universal Pictures for its launch of the film "Minions: The Rise of Gru," Olipop launched a limited-edition banana cream flavor.

Olipop on track to double sales this year

The functional soda company sees rapid growth as consumers look to beverages to bolster health.

Olipop's founders Ben Goodwin, who is wearing a green hoodie, and David Lester, who is wearing a pink sweatshirt.

Olipop's co-founders Ben Goodwin (L) and David Lester. Photo: Olipop

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<p>Functional beverage company Olipop expects to double sales this year to $60 million, CEO Ben Goodwin tells Axios. </p><ul><li>Olipop is eyeing an annual revenue run rate of $100 million by December, Goodwin adds. </li></ul>

Olipop on track to double sales this year

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