Flow Alkaline Spring Waters secures $45 million in funding
May 5, 2020, Toronto, Ont. – Flow Alkaline Spring Water has completed its Series D capital raise, securing $45 million (U.S.) in funding. The news was confirmed by Flow Alkaline Spring Water founder and CEO Nicholas Reichenbach.
“Flow shares this news with an attitude of gratitude,” says Reichenbach. “The financial markets have never been more dynamic and our investors’ commitment to Flow at this time is a testament to the brand’s strength and potential. Flow in 2020 is focused on core asset growth within the U.S., and job creation within our organization and for our partners in distribution and retail.”
Investors in this financing round include: Shawn Mendes, an ongoing partner and sustainability ambassador to Flow, and his manager Andrew Gertler, both leading the round with Post Malone and his manager Austin Rosen, Coldplay’s longtime manager Dave Holmes, former professional baseball star Chase Utley, and former Uber director of engineering Curtis Chambers. Institutional investors in this round include Ruttenberg Gordon Investments.
“We’ve brought together a mix of personalities from the worlds of technology, sports, and entertainment – three elements of the connectivity that builds an iconic brand,” says Reichenbach. The investors will take a minority stake in Flow, a B-Corp certified company, with representatives appointed to Flow’s board of advisors.
The packaged water market is evolving, and Flow is hoping to lead that evolution in regards to consumer taste preference and environmental impact. Flow aims to sell more than 100 million packs in 2020, expecting to double its current consumer base of 10 million consumers to 20 million, and enter 2021 with an outlook of owning 10-per-cent market share of the country’s 189 million premium water buyers.
The company’s alkaline mineral water comes from proprietary natural artesian spring water sources in Seawright Springs, Virginia, and Ontario.
Flow offers naturally alkaline spring water in a range of flavours. All Flow waters are packaged in Tetra-Pak®, produced from renewable wood fibre and an increasingly viable alternative to plastic containers. In 2020, Flow is also transitioning to TetraPak’s new packaging composed of +/-75-per cent renewable material.