Live Nation has acquired an equity stake in US-based producer of functional, non-alcoholic beverages Hiyo.

The parties have not revealed the value of the investment nor other financial terms.

The deal follows US alcoholic drinks major Constellation Brands’ move in February to buy a minority holding in Hiyo via its venture-capital division.

Hiyo produces drinks that incorporate adaptogens, nootropics and botanicals, using ingredients such as ashwagandha, L-theanine, lion’s mane and lemon balm.

Its range consists of six flavours: blackberry lemon; passionfruit tangerine; peach mango; strawberry guava; watermelon lime; and pineapple coconut. A can contains 30 calories.

The companies have also signed a multi-year partnership that will put Hiyo’s “social tonic” in Live Nation venues across the US.

Hiyo CEO Evan Quinn said: “It’s a powerful opportunity to bring our feel-good social tonics to some of the most iconic music venues in the country, reaching millions of fans during the moments that make them feel most connected.” 

Live Nation has previously backed drinks brands including Jolene Coffee, Liquid Death and Owen’s Craft Mixers.

Tom Allison, SVP of new ventures at Live Nation, said: “As fans’ tastes continue to evolve, Hiyo fits naturally into what they’re reaching for next.

“We’re excited to bring the brand into our venues and help support their next phase of growth.”