Non-alcoholic beer brand Crazy Mountain, George Clooney’s latest drinks venture, has secured $15m in seed funding in a round led by Cavu Consumer Partners.
US investment firm Coatue and hospitality business Discovery Land Company also took part in the round, Cavu said in a statement. Coatue and Discovery Land Company helped incubate the business alongside the founding team.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
Crazy Mountain was set up by actor Clooney, US businessmen Rande Gerber and Mike Meldman, his fellow Casamigos co-founders.
Clooney, Gerber and Meldman sold Tequila brand Casamigos to Diageo in 2017 in a deal worth up to $1bn.
There are two Crazy Mountain products on the market: original and lime. The company says the drinks were developed for “core” beer drinkers seeking moderation without “compromising on taste or experience”.
The beers are only available via the Crazy Mountain website but are slated to hit US retailers this year.
As part of the deal, Cavu co-founder Brett Thomas is joining the Crazy Mountain board.
Former New Belgium Brewing CEO Steve Fechheimer is Crazy Mountain’s chief executive.
Thomas said: “The founding team has done it before and we believe they’re the right group to build the defining mainstream brand in this space.
“At Cavu, we look for opportunities where cultural shifts intersect with strong founding vision and category potential. Moderation is not a fad – it’s a durable change in behaviour.
Cavu has invested in several food-and-drink businesses, including prebiotic soda brand Poppi, which was sold to PepsiCo last year for $1.95bn.
Meanwhile, last week, US energy drinks brand Gorgie said musician Jon Bon Jovi had joined the company as a “strategic” investor.
