Non-alcoholic brand aims to expand its retail presence, occupy more shelves, and reach new geographic markets
Calgary, Alberta-headquartered non-alcoholic beer brand Partake Brewing has raised US$16.5 million in a Series B round of funding, led by US-based investors PowerPlant Partners and Amberstone, alongside support from existing investors CircleUp Growth Partners, Barrel Ventures and McLean & Associates.
This round follows the brand’s first institutional round in 2020 where it raised US$4 million.
Partake stated it continues to work closely with Export Development Canada to support its growth as it scales and expands internationally. It added that the new investment will be used for continued growth in the US and Canadian markets by expanding its retail presence, occupy more shelves, and reaching new geographic markets while expanding distribution across key channels. Partake plans to extend its regional teams, including adding key leadership roles. It also plans to create new limited releases adding to its range of 10 to 30 calorie non-alcoholic beer offerings.
Ted Fleming, founder and chief executive of Partake Brewing, said: “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. We look forward to the continued growth these investments will allow us to make in the near future.”
Mark Rampolla, co-founder and managing director of PowerPlant Partners, added: “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 multibillion dollar new category. 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.”
Date published: 9 March 2022