Spindrift, the first sparkling water made with real fruit, announces the closing of $10 million of new growth capital led by VMG Partners, a private equity firm that specializes in investing in and building branded consumer product companies. Additional investors in the round include Prolog Ventures, Karp Reilly, and other existing investors.
Spindrift experienced more than 800 percent growth in revenue over the past 24 months. Driven by consumer demand for brands that offer simple ingredients and a focus on transparency, Spindrift has been able to grow steadily in the emerging sparkling water space.
New capital allows the brand to continue expansion into other classes of trade while investing in production infrastructure to allow for greater capacity around bringing quality products using only real ingredients to market.
“We are excited and humbled by the continued support for our brand,” says Founder & CEO Bill Creelman.
“In most ways, working with real ingredients is a complete reset for the sparkling category. This capital allows us to continue to support our current business partners and pursue expansion opportunities in new channels and geographies.”
“We’re thrilled by the opportunity to continue our partnership with Spindrift. It is a superb brand, with fantastic products, and a talented and experienced management team,” said Robin Tsai, principal at VMG and Spindrift board member.
“Sparkling water is a category where the youngest brand is 30 years old,” added Ilya Nykin, managing director for Prolog. “What excites us is the opportunity to usher in a new age of sparkling: sparkling 2.0.”
Creelman started Spindrift in 2010 as a solution to kick his soda addiction, and to build something he felt comfortable giving to his young kids. The decision to use real fruit originated from growing up on a farm in Western Mass. where his groceries were sourced primarily from local farms.
From the kitchen to the board room, Spindrift first started in his house in Charlestown, Mass. and now has more than 30 employees and is distributed nationally in key retailers such as Trader Joe’s, Target and Costco.