The founders of US soft-drinks incubator LA Libations have invested in US firm Just Ice Tea through their new fund Taste Tomorrow Ventures.
LA Libations founders Danny Stepper and Dino Sarti have teamed up with former PepsiCo, Sodastream and Disney executive Scott Guthrie to launch Taste Tomorrow Ventures (TTV), which has so far attracted $30m for its first fund.
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TTV’s first investment is a “strategic equity partnership” with Just Ice Tea, a US-based iced tea brand, the fund said in a statement.
Just Ice Tea was founded by Seth Goldman, the founder of Honest Tea, which was sold to The Coca-Cola Company in 2011. Coca-Cola discontinued the production of Honest Tea three years ago.
Goldman has established Just Ice Tea at US retailers including Whole Foods Market, Target and CVS Health.
Stepper said: “We couldn’t be more excited to partner with Seth Goldman and Just Ice Tea as our first investment. It’s a brand that embodies the purpose, innovation, and momentum we want to partner with.”
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By GlobalDataTTV’s fund has secured the backing of investors including aluminium giant Ball Corporation and US consultancy Advantage Solutions.
The fund will focus on investing in early-stage and Series A companies, particularly those offering functional beverages and better-for-you snacks.
Guthrie said: “The next generation of consumers is looking for authenticity, transparency and better lifestyle choices and our first investment in Just Ice Tea perfectly illustrates that.”
In April, US-based iced-tea firm The Ryl Company raised $15m in its Series B round, bringing the total amount it has raised to date to $30m.
It also announced plans to expand into new markets with its Ryl Tea brand.
“We are still evaluating potential avenues,” the company said. “However, it’s all focused on better-for-you-focused markets, Canada being a strong option in the short term.”
Across the Atlantic, UK iced-tea brand Harry Brompton’s received a £2m ($2.7m) investment from the Leeds-based private investor Traditum in April.
Owned by London-based Tudor Drinks, the brand will use the funds to make ground in convenience and wholesale segments and increase marketing activity, Harry Brompton’s founder Ian O’Donohue told Just Drinks.
