Zevia, the US soft-drinks maker, has secured new investment to fund a “strategic reset” of the business.
The company agreed to issue convertible preferred stock to a fund managed by investment firm GP Investments in exchange for $20m in “growth equity”, a statement from the business said.
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The transaction follows a business review by Piper Sandler, which concluded the capital injection is the “best path forward to accelerate shareholder value creation”.
In August, Zevia received, faced calls from activist investor Kanen Wealth Management, which owns 4% of the zero-sugar soda maker, to launch a review of the company’s strategy.
Kanen urged Zevia to review strategic alternatives – including a potential sale – arguing the company had failed to capitalise on the modern soda boom despite its national distribution and 20 years of brand equity.
The activist investor also highlighted that Zevia’s enterprise value of around $100m, equal to roughly 0.6 times forward net sales, trailed transaction comparables such as PepsiCo’s 2025 acquisition of Poppi.
CEO Alexandre Ruberti, who replaced Amy Taylor in June, described the GP Investments deal as an “important milestone”, adding it will “accelerate our medium- and long-term growth agenda”.
Zevia said it will use the funds for product “innovation”, digital-first marketing aimed at creators and micro-influencers, and a hybrid go-to-market model to raise household penetration.
The company also plans to enter adjacent “high-growth better-for-you” beverage segments.
As part of the transaction, GP Investments will appoint a director to the Zevia board, the statement said.
Alongside the investment news, Zevia also lifted its outlook for sales in its upcoming third quarter. It is now forecasting net sales in the period of around $48m, up from its previous $44m to $46m guidance range.
It narrowed adjusted EBITDA loss projection to $900,000–$1m, compared to its prior expected loss of $3m to $3.5m.
The company is due to release its third-quarter results on 4 November.
