Austin, Texas-based Poppi has announced $25 million in new financing led by CAVU Consumer Partners.
Poppi combines real fruit, apple cider vinegar, and less than 5 grams of sugar and 25 calories to create a prebiotic soda that improves gut health. It comes in nine different flavors and is available for $29.99/12-pack.
The funding comes after a year of growth for Poppi. The brand experienced 148 percent increase in overall revenue and a 250 percent increase in online sales. The company also almost doubled its retail presence and became a top 10 selling item in the grocery category on Amazon during its Prime Early Access Event.
“I would have never imagined that what started as a homemade remedy for my chronic health conditions would go from the farmers market to Shark Tank, and now, to some of the biggest retailers nationwide. The growth we’ve experienced these past two years is a testament to the demand for functional products that taste good and do our bodies good,” said Allison Ellsworth, co-founder.
Rohan Oza, co-founder and managing partner of CAVU Consumer Partners, first invested in Poppi when co-founders Allison and Stephen Ellsworth appeared on ABC’s Shark Tank in 2018. Oza sits on Poppi’s board of directors, as CAVU continues to invest in the brand while offering the co-founder’s counsel.
Additionally, CAVU’s internal creative agency, UNCOMMON, has had an impact on the brand, leading the initial rebrand and award-winning packaging design, and working with the Poppi team since launch on their Amazon and eRetail strategy, digital media strategy and 360 brand campaigns.
“Poppi is one of the fastest growing beverage brands I’ve ever been a part of,” said Rohan Oza, co-founder and managing partner at CAVU Consumer Partners. “Seeing what Stephen and Allison have done to date has been incredible and with a seasoned leadership team now in place, we believe Poppi will continue its meteoric growth, cementing their position as the modern soda of tomorrow.”
The new funding will help Poppi build upon the growth it has experienced to date by further fueling sales growth, marketing and innovation through:
- Expanding the brand’s omnichannel retail presence with plans to be in more than 30,000 locations nationwide by the end of 2023.
- Continued focus on breaking new ground in digital and TikTok. Poppi will continue to focus efforts on solidifying a position as a category leader in content, community and growth.
- Doubling-down on product development. Earlier this year, Poppi launched Cherry Limeade, which sold out within one week and became a best-selling flavor on Amazon and Target.
For more information, visit drinkpoppi.com.
