Company says its cans should be available in more than 1,000 stores across Canada by the end of the year
Eat Beyond Global Holdings, the Vancouver-based investment issuer focused on the global plant-based and alternative food sector, has invested in Daydream Drinks, an Ontario-based beverage company that has created sparkling water infused with hemp extracts and adaptogens.
Daydream’s hemp oil contains below 0.03% CBD and zero THC, making Daydream a non-cannabis product. Eat Beyond stated that hemp and adaptogens have a range of benefits, making them suitable for sale in Canadian grocery and retail stores.
Eat Beyond joins Global Edge Investments, a Toronto-based investment and management company, and other industry figures such as Jorn Socquet, an executive from ABinBEV, as an early-stage investor in Daydream.
Alex Simonelli, founder and chief executive of Daydream, said: “When creating Daydream, our vision was based on the fundamental principle that there was a gap in the market for something that wasn’t coffee or an energy drink, but instead a healthy, plant-based alternative, with no caffeine, sugar, or artificial sweeteners. Adaptogens help the body tap into natural energy reserves to provide focus and clarity. They are also well known for balancing stress levels by supporting the endocrine system, and keeping inflammation in check.”
Daydream has grown since launching in late 2019, with year-on-year revenue increasing by 550% last year. The company says its cans should be available in more than 1,000 stores across Canada by the end of the year.
Eat Beyond’s chief executive Patrick Morris said: “Eat Beyond welcomes its first beverage company to our ever-growing food technology portfolio. We like the idea that not only can people eat better but drink better too. Daydream has shown impressive growth in its brief history and is well-positioned to capture even more of the beverage market in the years ahead. Its unique and strong branding has positioned it well in the industry for organic, word-of-mouth growth, which is critical for any product that contains hemp as an ingredient in Canada.”
Eat Beyond investment committee member Alan Linder is joining Daydream’s advisory board. Linder has nearly three decades of experience in the natural and organic food and grocery industry.
He said: “Eat Beyond offers much more than just financial support to our portfolio companies. We work hands-on with our portfolio companies to help them navigate growth and connect them with resources. I look forward to working closely with Daydream to catalyse its growth.”
Date published: 13 May 2021