OLIPOP, Oakland, Calif., announced the successful closing of its Series C funding round, anchored by a $50 million investment from J.P. Morgan Private Capital’s Growth Equity Partners. Spearheaded by J.P. Morgan, this final anticipated round of equity financing for OLIPOP catapults the brand’s valuation to $1.85 billion. After achieving profitability in early 2024, OLIPOP is focused on sustaining its growth while continuing to redefine what soda can be, the company says. 

Founded in 2018 by Ben Goodwin and David Lester, OLIPOP set out to modernize soda its high fiber, 2-5 grams of sugar option. Today, the brand is experiencing significant momentum as the No. 1 single-serve non-alcohol beverage manufacturer in dollar and unit growth contribution, it says citing Circana and SPINS data for the 52 weeks ending Dec. 1, 2024, excluding private label. Additionally, 50% of this growth is incremental to legacy carbonated soft drinks, based on Numerator data for the 52 weeks ending Dec. 1, 2024, meaning half of OLIPOP’s growth comes from new shoppers entering the category and current carbonated soft drink shoppers adding OLIPOP to their carts. 

OLIPOP has established itself as a premium option in the soda category, driven by a commitment to quality ingredients and research-backed formulas. The brand also recently conducted human clinical trials, showing positive results around blood sugar stability and metabolic health. In line with its commitment to health and accessibility, OLIPOP now enables tens of millions of Americans to reimburse purchases through “Food as Medicine” benefits provided by health insurance network partners. The brand’s newly launched Shelf-Stable Line has driven accelerated growth, delivering exceptional performance and consistently outpacing category averages across all debuted retailers. The new line adds incrementality by attracting new consumers to the category, and as a result, OLIPOP now reaches nearly one in five households, solidifying its status as a household name. 

This Series C funding will drive product development, expand marketing efforts, and diversify distribution channels, enabling OLIPOP to reach even more consumers nationwide. The brand plans to expand its retail presence, add to its lineup of nostalgic classic flavors and increase availability in spaces traditionally dominated by legacy sodas. OLIPOP is sold in almost 50,000 doors across the U.S. in notable retailers such as Walmart, Target, Wawa, Whole Foods Market, Kroger, Costco, Starbucks and more. 

This Series C financing was anchored by J.P. Morgan Private Capital’s Growth Equity Partners, the $1 billion growth equity arm of the largest bank in the U.S. This raise helps to validate OLIPOP’s widespread adoption with consumers and also the institutional awareness of the success and profitability of the brand.

“It’s staggering and thrilling to have achieved a $1.85 billion valuation after just five to six short years in market; a testament to the innovation breakthroughs and momentum we have demonstrated as the founders of the modern soda category,” said Ben Goodwin, CEO, co-founder and formulator of OLIPOP, in a statement. “It’s an honor to work with J.P. Morgan Private Capital’s Growth Equity Partners on this next phase of our adventure as we expand our reach across the U.S. and advance our mission of getting healthier soda to as many consumers as possible.”

Christopher Dawe, Managing Partner of J.P. Morgan Growth Equity Partners, who will join the Board of Directors as part of the transaction, added: “OLIPOP is one of the fastest growing beverage companies to reach this scale and is redefining the category by offering a premium alternative that resonates with today's health-conscious consumer. The brand's authenticity, mission-driven team and enormous market opportunity resonated with us. We look forward to supporting OLIPOP through its next phase of growth.”

In addition to this raise and valuation, OLIPOP is announcing a new senior leadership structure. Mel Landis, a former Coca-Cola executive, will join the brand as its new president. In conjunction with this final raise, co-founder David Lester is exiting an operating role and stepping into the board of directors with an advisory seat. Landis, a seasoned executive with more than 36 years of experience with brands like Coca Cola, BodyArmor, The Clorox Co. and Kraft General Foods, will step into a key leadership role, guiding the brand through its next phase of growth as OLIPOP continues to revolutionize the category.