CALGARY, Alberta--(BUSINESS WIRE)--Partake Brewing, a leading non-alcoholic beer brand in North America that brings all the things that make craft beer great to their brews, announced today it has raised $16.5 Million USD in Series B round of funding. The fundraising was led by U.S. based investors PowerPlant Partners and Amberstone, alongside support from existing investors CircleUp Growth Partners (CircleUp), Barrel Ventures and McLean & Associates. This Series B follows the brand’s first institutional round in 2020 where they raised $4 million USD. Partake continues to work closely with Export Development Canada (EDC) to support its growth as it scales and expands internationally.
Demand for Partake’s great tasting, 10-30 calorie, non-alcoholic beer has skyrocketed since the brand's 2017 debut, alongside the booming non-alcoholic category which is projected to grow at 25% CAGR and reach a value of $5B by 2025. This new investment will allow continued growth in the U.S. and Canadian markets, specifically by building brand awareness and consumer love, making Partake available to millions of potential new customers that are eager to drink less alcohol and live a healthier lifestyle. The brand will look to expand retail presence, offering the opportunity to land on more shelves and reach new geographic markets while expanding distribution across key channels. Partake plans to extend their regional teams, including key leadership roles to further shape growth. Finally, this investment will create new opportunities to craft exciting and unique limited releases to add to Partake’s range of great tasting, 10 – 30 calorie non-alcoholic beer offerings.
“It has been an incredible journey growing Partake at such an accelerated rate and we are honored to have these investors’ significant support behind us as we further expand on our mission to create a more inclusive drinking culture,” said Ted Fleming, Founder and CEO of Partake Brewing. “We look forward to the continued growth these investments will allow us to make in the near future.”
There is an undeniable, rapid shift in consumer preferences and interest in the non-alcoholic beer segment driven by better-for-you health and wellness trends. While some people are cutting out booze all together, many are opting for a NA beverage over alcoholic across occasions and adopting NA as part of their weekly full strength alcohol consumption repertoire.
“We’re thrilled to partner with Ted and the Partake team as they build what we believe will be one of the leading brands in this soon-to-be multi-billion dollar new category,” said Mark Rampolla, Co-Founder and Managing Director of PowerPlant Partners. “I’m personally a regular Partake consumer and I know I’m not alone as so many beer lovers look for healthier, but great tasting NA options.”
Partake was founded in 2017 by Ted Fleming, a former engineer on a mission to take the stigma out of drinking non-alcoholic beer. After a Crohn's diagnosis led him to give up alcohol, he experienced a category traditionally low on selection and taste, and choosing an NA brew only invited judgment in most social settings. This ultimately inspired him to brew his own, giving consumers a variety of great-tasting, low calorie, non-alcoholic beers suitable for any occasion or location. Fleming’s belief is that giving up alcohol shouldn’t mean giving up the social connection that comes with it. And so the brand’s quest for premium taste and selection became rooted in a purpose of inclusivity: to allow everyone to partake in the moment. In celebration of this movement, Partake recently launched its Cheers to Adulting brand campaign. Through this platform, Partake aims to prove that adulting isn’t about being a straight-edged naysayer, it’s about connecting with others and being a part of the fun while still taking pride in evolving interests and priorities that come in this stage of life.
Consumers consistently seek out Partake for its exceptional taste, unmatched calorie count (10-30 calories per can), vegan all-natural ingredients and brewing process. Partake currently offers PALE, IPA, BLONDE, RED, DARK (U.S.), STOUT (Canada), PEACH GOSE and limited seasonal editions including RADLER, LIME as well as the newly released HAZY IPA. As a recipient of numerous international awards for high-quality product and innovation, including a Gold Medal at the World Beer Awards for Best Non-Alcoholic Beer, Partake is a leader in the North American non-alcoholic craft beer industry.
About Partake Brewing
At Partake, we’re on a mission to prove that alcohol doesn’t have a monopoly on good times. Taking a break from beer shouldn’t mean sacrificing the social connection that comes with it. Brewed by beer lovers for beer lovers, Partake is the non-alcoholic beer you can proudly drink on any occasion. Partake Brewing has become a leader in non-alcoholic beer in North America. The distribution continues to grow in major retailers across Canada, and the U.S. Partake is praised for its authentically crafted beer flavor and its broad selection and game-changing low-calorie counts. Making more responsible decisions has never tasted this good, so raise a can of Partake and say “Cheers To Adulting”.
For more information about Partake Brewing and its non-alcoholic beers, please visit https://drinkpartake.com or follow along on Instagram at @PartakeBrewing or on Facebook at https://www.facebook.com/DrinkPartake.
About PowerPlant Partners
PowerPlant Partners is a global leader investing in companies that are better for humanity and the climate. The firm provides capital, strategic guidance, and operating expertise to visionary companies including Beyond Meat, Thrive Market, Ripple, Veggie Grill, Apeel Sciences, Liquid Death, Miyoko’s Creamery, Vive Organic, and Partake Brewing.
About Amberstone
Amberstone backs ambitious entrepreneurs scaling brand-first consumer product companies into nationally distributed category leaders. Amberstone combines rigorous, data-driven analysis and extensive experience in CPG to provide capital and purposeful partnership to help entrepreneurs achieve their visions. Current and former partner brands include Honey Mama’s, JuneShine, Cleveland Kitchen, Daily Harvest, Chameleon Cold Brew and Frida. For more information, please visit: https://www.amberstone.com/
About Circle Up
Founded in 2009, CircleUp is a privately owned company on a mission to empower entrepreneurs with the funding and support that they need to thrive. Having facilitated investments for 500+ brands and counting, CircleUp uses their business technology platform, Helio, to increase the speed, quality, and objectivity of decision making in the private company landscape. Using a unique combination of data and machine learning technology, CircleUp makes it possible for underserved entrepreneurs to finally get the support they deserve. With a vast network of entrepreneurs, institutional investors, industry experts, and flexible financing solutions, CircleUp is shining a light on untapped human potential and transforming the world of private enterprise. For more information please visit: http://www.Circleup.com.
About EDC
Export Development Canada (EDC) is a financial Crown corporation dedicated to helping Canadian companies of all sizes succeed on the world stage. As international risk experts, we equip Canadian companies with the tools they need – the trade knowledge, financing solutions, equity, insurance, and connections – to grow their business with confidence. Underlying all our support is a commitment to sustainable and responsible business.
