Early stage investor Taste Tomorrow Ventures (TTV) has backed the US-based ready-to-drink coffee maker Happy Products.
TTV has made a minority investment in the group, Scott Guthrie, managing director of the venture capital firm confirmed to Just Drinks.
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Further financial details of the investment were not disclosed.
The money will help the business continue expanding in retail, as well as support “product innovation, and overall brand growth”, Happy said.
Set up by Craig Dubitsky and actor Robert Downey Jr two years ago, Happy produces a range of coffee products.
Its portfolio includes flavoured latte and cold brew RTDs, as well as coffee pods, ground and instant coffee.
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By GlobalDataThe group has also launched limited edition collaborative products with Bero, the non-alcoholic beer founded by actor Tom Holland, and baked goods manufacturer Tate’s Bake Shop.
Happy’s products are sold in over 16,000 retailers and has more than 65,000 points of distribution across the US. Retail sale points include Alberstons, Target, Walmart and Kroger.
The business could not yet confirm its plans for international expansion.
Guthrie at TTV said the money will also be go towards the group’s marketing resources.
When asked why TTV decided to invest in Happy, Guthrie told Just Drinks: “We love the go to market strategy and the founder/management team who are executing it”.
He added that the RTD coffee segment was “exploding” and that Happy’s “new and exciting flavours and collaborations (Tate, Bero) position the brand as a contrarian brand versus the current competitors in the category”.
He added: “We believe the brand appeals to a large segment of the category and meets the consumer where they are today. Because of that – Craig and the brand are very disruptive and getting shelf space and consumer attention”.
Happy marks TTV’s fourth investment as part of its $30m fund, called TTV Fund 1.
Other brands in its investment portfolio include Just Ice Tea, Better Sour sweets and Juni sparkling tea.
The group launched the fund earlier in May with backing from aluminum manufacturing group Ball Corporation and business consulting group Advantage Solutions.
TTV’s investments are focused on early stage brands, supporting companies with revenues of under $20m.
Guthrie said the group plans to continue investing in other brands by the end of the calendar year within food, snacks and beverages.
