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San Francisco-based DripDrop Inc., the maker of a same-named medical-grade
rehydration solution, announced that it has closed a $5.8 million round of financing, which will help the company to accelerate development and continue to drive availability in retailers and hospitals, the company says. Investors include funds affiliated with owners of the San Francisco 49ers, Seth Taube and Brook Taube of Medley Corp., and American rock musicians Sammy Hagar, Joe Satriani, and Grateful Dead’s Bob Weir.
“We are pleased to support DripDrop, a Bay Area company, in their efforts to speed the delivery of this unique product to multiple audiences,” said Brano Perkovich, managing director of Aurum Partners LLC, an investment arm of the owners of the 49ers, in a statement. “As owners and managers of a prominent sports franchise, we are able to quickly recognize the potential for this investment.”
The new financing will support DripDrop’s continued national rollout to retail pharmacies and hospitals, following the hydration powder’s recent placement on the shelves of more than 100 H-E-B stores in Texas and Mexico. The company plans to announce additional national retail partners in the coming weeks, which will bring DripDrop to the shelves of more than 15,000 retail locations nationwide, the company says.
“When [Dr.] Eduardo Dolhun first witnessed the transformative nature of Oral Rehydration Solutions (ORS) in immediately treating dehydration, even he did not recognize how many different communities could benefit from these solutions,” said Doug Wolf, chief executive officer of DripDrop, in a statement. “Not only will this investment help accelerate DripDrop’s availability on retail shelves nationwide, but the funds will also speed delivery to hospitals as a simple and cost-effective replacement for IVs, which are currently in short supply.”
Dolhun is a Mayo-Clinic-trained family physician who developed DripDrop after witnessing the efficacy of ORS during humanitarian efforts abroad. DripDrop is available over the counter to all consumers, including those who want to maintain hydration levels ongoing and those experiencing dehydration. DripDrop’s precise ratio of ingredients meets the international health community’s standards to treat and prevent dehydration while maintaining a taste profile similar to a sports drink. It has two to three times the electrolytes and half the calories of most sports drinks and no artificial colors, flavors, or preservatives, the company says.