If you thought the RTD craze was over, think again. The latest trend within a trend is tea-based spiked and sparkling beverages. Owl’s Brew, a leader in that market, has just secured US$9 million in a Series A funding round.
Owl’s Brew is a female-founded company led by tea experts Jennie Ripps and Maria Littlefield. Their product line, Boozy Tea, is a Hard Tea Seltzer that’s crafted with only real ingredients and with a commitment to no artificial flavors, no natural flavors, no animal byproducts, no parabens, and no sulfites. The company intends to use the funds primarily to expand product distribution, invest in marketing initiatives, and grow the team.
The round was organized by Formidable Asset Management. Other investors include Cambridge SPG; Connecticut Innovations, Connecticut’s strategic venture capital arm; Tidal River, Connecticut’s women’s investor network; TV personality, activist and Owl’s Brew Chief Brand Officer, Jeannie Mai; Brent Montgomery’s entertainment and investment enterprise, Wheelhouse; Director Sam Taylor-Johnson; Keleigh Teller; and others.
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“In the last year, we have been able to grow the business exponentially,” said Jennie Ripps, co-founder and CEO of Owl’s Brew. “We are thrilled to announce this Series A. The capital will allow us to expand our reach and deliver an excellent and refreshing product to our customers nationwide.”
Founders Jennie Ripps and Maria Littlefield had worked in the tea business for almost a decade before unveiling their line of Boozy Teas in 2020. Owl’s Brew became the first hard tea seltzer on the market, beating all the industry’s major players. The company has experienced 918 percent growth since its launch, recently expanded from 10 to 18 markets across the United States, and secured national mandates from several large retailers.
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Wise Women Collective
“Only four percent of sales teams, brewmasters and executive positions in this industry are made up of women, and that percentage is even smaller when you are talking about female-led businesses. We could not be prouder to take Owl’s Brew and our Wise Women Collective, which supports local and national women’s initiative and charities, to the next level,” said Maria Littlefield, co-founder and COO of Owl’s Brew.
The Wise Women Collective by Owl’s Brew is a program created by women for women. It supports community-building programs and education,and promotes conversation and celebration.
Owl’s Brew is currently available in major retailers nationwide, including Trader Joe’s, Whole Foods, Publix, Total Wine, HEB, Sprouts, GoPuff and more.
This article was modified from the original. It was originally published on our sister site, worldteanews.com.
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