WASHINGTON (dpa-AFX) - According to reports, Liquid Death, a maker of branded water products in aluminium cans, has raised $70 million in Series D funding led by Science Ventures at a $700 million valuation. The fund raising is important as the Los Angeles-based company and its early investors were criticised during the launch of the brand.
The company has reported a $130 million revenue run-rate for 2022, which is up from $45 million in 2021 and is having its core product copied by legacy bottled water brands like Dasani.
Peter Pham of Science Ventures was of the opinion that around 40 percent of the company's Amazon revenue now comes from flavored products, which was launched around six months ago, and that millions of dollars are through merchandise sales.
According to Science Ventures, it led the round via an SPV, given that its original check came out of a small seed fund, and that the goal was to prevent LP dilution. Other investors include PowerPlant Partners, Convivialité Ventures, Hinge Capital, Access Capital, Live Nation and individuals like Whitney Cummings, Tom Segura and members of Swedish House Mafia.
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