Flavoured-water cartridge and reusable bottle start-up Cirkul has raised US$70m in investment, as the beverage company seeks to tap into growing demand for sustainable hydration solutions.
The Series C fundraise – led by private-equity firm SC Holdings – values the company at US$1bn. The capital raised will be used to support Cirkul’s plans for growth, including recent nationwide launches in Walmart and Bed, Bath & Beyond retail outlets.
Cirkul’s product offer comprises a range of re-usable water bottles fitted with flavour cartridges that enable the drinker to adjust the strength of their drink on a sip-by-sip basis. The cartridges are available in 50 different flavours and contain zero sugar or calories. Cartridges can be ordered on a one-off or subscription basis, and the company claims its offer produces 84% less plastic use and 96% fewer carbon emissions from shipping than single-use, disposable beverage bottles.
“Today, consumers are driving major shifts in the beverage industry, increasingly focused on health and reducing their environmental impact but aren’t willing to compromise on convenience or delicious flavour,” said CEO and co-founder Garrett Waggoner. “Cirkul’s platform for delivering delicious, personalised and better-for-you beverages has seen a tremendous response from customers.
“The sales velocities at Walmart and Bed, Bath & Beyond have been incredible, especially while maintaining strong growth for our D2C business. This fundraise will help us continue to capitalise on the strong customer demand for our products which are tailor-made for today’s consumer.”
Cirkul was founded by Waggoner and Andy Gay as students at Dartmouth College.
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