USA, CT: Athletic Brewing Co. to invest in larger east cost brewery
Stratford’s Athletic Brewing Co. will use the capital from a recently closed $50 million funding round to make a major investment in a larger east coast brewery. The move comes less than a year after the opening of Athletic’s 150,000-barrel brewery in San Diego, the Westfair Online reported on July 9.
The new location will add brewing capacity to keep pace with surging consumer demand for Athletic’s non-alcoholic craft beers not only in the U.S. but also in a growing number of soon-to-be-launched overseas markets.
The funding round was led by long-time investors and board members Alliance Consumer Growth and TRB Advisors. Also participating were athletes, entrepreneurs, and celebrity investors Blake Mycoskie, David Chang, Lance Armstrong, Darren Rovell, Justin Tuck, and J.J. Watt.
Other supporters include Tastemaker Capital, Benevolent Capital, and Wheelhouse.
“We’re humbled that both investors who have been with us from the beginning and a host of new partners have faith in our ability to continue operating and expanding as a brewery whose commitment to our customers has never wavered,” said Athletic founder and CEO Bill Shufelt.
In addition to a new east coast brewery, Athletic will use a portion of the capital to strengthen its presence, making hires in key markets. It currently employs over 150 people in 32 states and Washington, D.C.
The non-alcoholic beer segment has become the brewing industry’s fastest-growing segment, up over 430% year-to-date. Athletic, which launched in 2018, holds nearly a 50% share of the non-alcoholic craft beer category. In 2020, the company grew almost 500% year-over-year for the second year in a row.
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