Spindrift, Newton, Mass., announced the closing of $20 million in Series B-2 funding led by VMG Partners, a private equity firm that specializes in investing in and building branded consumer product companies. Additional investors in the round included Prolog Ventures, KarpReilly, RiverPark Ventures, and other existing investors. This new capital will aid in launching Spindrift’s first national advertising campaign to educate consumers about the real ingredient difference, the company says.
“We are thrilled, and humbled, by the ongoing support toward Spindrift’s mission to provide a real alternative to the sparkling water category,” said Founder and Chief Executive Officer Bill Creelman in a statement. “Our brand has been successful in getting consumers to rally behind our values of authenticity and simplicity, while expanding across major retailers like Whole Foods, Starbucks and Kroger. This new capital now allows us to continue to support our current business partners, increase awareness of our real difference through larger marketing initiatives, and support the addition of new infrastructure to support Spindrift’s growing footprint.”
In 2018, Spindrift expects to triple distribution to more than 25,000 doors and reach a milestone of 5 million cases shipped, the company says. BI