Lixir, a US start-up selling mead-based RTDs, is embarking on a fundraising round after securing the backing of a trio of industry veterans.
The California-based business, which launched its first products earlier this year, is looking to raise $1.2m with plans to expand its geographic presence.
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Collin McKenna, Lixir’s founder, told Just Drinks the company had already attracted $570,000 from “notable investors” that include Suja founder Jeff Church, Sprouts Farmers Market CEO Jack Sinclair and BrewDog founder James Watt.
“We began testing the product in select retailers this past April and received overwhelmingly positive feedback. This momentum helped us secure initial investors and advisors to scale inventory and expand into new markets,” McKenna said.
“We’re now raising additional capital to continue fuelling growth. Our plans include expanding outside southern California in the next six months with exciting new partnerships.”
Lixir has launched its fundraising push on Wefunder. McKenna said interested parties could invest in the business “on exactly the same terms” as the angel investors.
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By GlobalDataMcKenna, who plans to retain around 75% of Lixir, said the funds would “go toward expanding the team, marketing efforts, and producing inventory to meet increasing demand”.
The company markets its Hard Honey canned RTDs as “zero-sugar” and “low-calorie”. It says the honey used in the drinks is “ethically sourced” from farmers in Brazil. One per cent of Lixir’s revenue is handed to the farmers to support production.
Lixir’s stockists including independent retailers in cities including San Diego and Santa Monica.
Watt, who stepped down as BrewDog CEO earlier this year, has invested in two UK fledgling drinks businesses.
In June, UK-based functional beverage maker Common Drinks said it had secured a “six-figure seed investment” from executives including Watt.
The same month, UK soft-drinks brand Living Things raised £500,000 ($631,000) in capital through a funding round led by the former BrewDog boss.
