Los Angeles-based G.O.A.T. Fuel, the health-forward energy drink from Pro Football Hall of Famer and renowned NFL G.O.A.T. Jerry Rice, announced closing on its initial Series Seed round of financing, which was oversubscribed and raised $5 million, putting total funds raised since launching in 2020 during the pandemic at $12 million.
The Series Seed financing round was led in conjunction by Stage 1 Fund and Morrison Seger Venture Capital Partners, with past investors in the company including former owner of the San Francisco 49ers, Eddie DeBartolo Jr., serial entrepreneur and owner of the Minnesota Timberwolves, Marc Lore, and co-founder Jerry Rice.
“I’m very selective about what I put into my body and love inspiring others who share the same values and beliefs to live a healthier lifestyle by choosing health-forward products like G.O.A.T. Fuel,” Rice said in a statement. “We are excited about the future of G.O.A.T. Fuel, and securing this financing is a testament to the community's support of our product. We can’t wait to bring G.O.A.T. Fuel to the world and motivate others to become the greatest of all time.”
Jaqui Rice Gold, CEO and co-founder of G.O.A.T. Fuel added: “We’re grateful to have secured our first-ever institutional round of funding in a space that is becoming increasingly more competitive and despite growing market challenges. Our success in this round is another indication that conviction is building around our brand and demand is accelerating. Our new investors and the accompanying capital infusion helps us add fuel to the fire. I also want to extend a big thank you to Stage 1 Fund and Morrison Seger for helping to guide us through this process as we continue to establish G.O.A.T. Fuel as a serious contender in the sports energy drink space.”
The new capital will help to accelerate the growth of the company, allowing it to amplify marketing efforts as it continues to secure additional distribution in new markets across the country, unveil new flavors, and builds consumer awareness and sentiment in an overall effort to capture a significant segment of the sports energy drink market, the company says.
”Stage 1 Fund is pleased to announce our investment in G.O.A.T. Fuel, a differentiated and emerging brand within the sports energy silo that has demonstrated explosive growth over the past two years. The G.O.A.T. Fuel Team and brand are well positioned to capture market share within the highly competitive and massive U.S. energy drink market which is projected to be $30 Billion by 2027,” said David Bartholomew, board director and managing partner at Stage 1 Fund, in a statement. “It has been a pleasure to work with the founding team of Jaqui, T.J. and of course the G.O.A.T. himself, NFL Legend and Hall of Famer Jerry Rice. Along with our co-investors and advisory board, we are focused on our continued support of the brand as we anticipate accelerated growth across new territories.”
Rogers Healy, founder and CEO of Morrison Seger Venture Capital Partners, added: “We at Morrison Seger Venture Capital Partners believe in being the greatest version of you, every single day, which is why being a part of the G.O.A.T Fuel raise was a no-brainer. A company led by great founders, with the goal of bringing people greatness, is a rare combo in the world of investing. We believe in the G.O.A.T. Fuel mission and are thrilled to be included on the ground level.”