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Spindrift raises $10m in funding round led by VMG Partners

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By Elaine Watson+

03-May-2017
Last updated on 03-May-2017 at 16:43 GMT2017-05-03T16:43:15Z

Spindrift raises $10m in round led by VMG Partners & Prolog Ventures

Sparkling water brand Spindrift has raised $10 million in a funding round led by VMG Partners and supported by Prolog Ventures, Karp Reilly, and other existing investors. 

The cash injection will enable Spindrift – which has experienced 800% growth in the last 24 months – to boost production capacity, "support our current business partners and pursue expansion opportunities in new channels and geographies," said founder Bill Creelman.

Creelman, who began making his own drinks in 2010 to help kick his Diet Coke addiction, has since carved a unique niche in the beverage aisle by using just two ingredients: lightly carbonated filtered water and freshly squeezed fruit juice.

Speaking to FoodNavigator-USA last month after phasing out natural flavors and unveiling plans to discontinue the company’s sugar-sweetened soda line to focus exclusively on its unsweetened sparkling waters, Creelman said he did not see the need to jump into bed with a big CPG company at this stage of the company’s evolution.

“Typically you see those partnerships when there’s a barrier you need to overcome to fulfill the promise of the brand, but in our case we feel like we have all the makings of a brand that can be disruptive without those partnerships,” added Creelman, who raised around $10m in two funding rounds in April 2014 and December 2015.

He added: “We believe in our points of difference and think that sparkling water is the next big category to emerge in beverage, and we’re not aware of anyone producing a product the way we are producing it.

Waltham, MA-based Spindrift made the unorthodox decision to start in foodservice, targeting chains such as Panera. More recently, however, the brand has picked up business with Trader Joe’s, Sprouts, Costco, Whole Foods and Target, and is devoting a lot of energy this year into building relationships with leading grocery chains.  

A high-profile investor in the food and beverage arena, VMG Partners has invested in fast-growing brands including Health Warrior, Perfect Bar, Quest Nutrition, KIND Healthy Snacks, Pretzel Crisps, Pirate's Booty, Waggin' Train, Natural Balance, Vega, Babyganics, Solid Gold and Justin's. 

Read more about Spindrift HERE .

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