Partake Brewing raises USD16.5M in Series B funding
By Food in Canada staffBusiness Operations Beverages Editor pick Non-alcoholic beer Partake Brewing
Non-alcoholic (NA) beer brand Partake Brewing raises USD16.5 million 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 USD4 million. Partake continues to work closely with Export Development Canada (EDC) to support its growth as it scales and expands internationally.
This new investment will allow the company to grow in the U.S. and Canadian markets, specifically by building brand awareness and consumer love. The brand will look to expand retail presence. Partake plans to extend their regional teams, including key leadership roles to further shape growth.
“It has been an incredible journey growing Partake at such an accelerated rate and we are honoured 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.”
“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.”
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