The investment aims to drive long-term growth to meet growing consumer demand for non-alcoholic beer
MILFORD, Conn. and SAN DIEGO (July 9, 2024) – Athletic Brewing Company, America’s largest non-alcoholic brewer, announced today that it has closed a $50 million equity financing round led by General Atlantic, a leading global growth investor, with participation from numerous existing investors .
Athletic plans to use the new capital to fuel continued long-term growth, including the recently announced acquisition of a third US brewery and the continued expansion of its world-class non-alcoholic beer at retailers across the globe. With the closing of the transaction, General Atlantic has taken a seat on the company’s board of managers.
“We are excited to welcome General Atlantic as a key growth partner at a time when we are significantly expanding our West Coast capacity to meet the growing demand for Athletic beer,” said Bill Shufelt, Co-Founder and CEO of Athletic. “We’re passionate about transforming the way modern adults drink and turning detractors into believers. We are at the beginning of a long-term trend, and we couldn’t be more excited to have General Atlantic on board as Athletic begins its next phase of growth.”
Launched in 2018, Athletic developed a proprietary brewing method to make fully fermented non-alcoholic beers that are indistinguishable from their full-strength alcohol counterparts. An industry pioneer, Athletic has grown from one of America’s smallest breweries, producing just 875 barrels in 2018, to one of America’s top 20 breweries selling over 258,000 barrels in 2023.1.
“Athletic has quickly become the category-defining brand in non-alcoholic beer, and we’re excited to partner with Bill and John as the company continues to grow,” said Andrew Crawford, Managing Director and Global Chief Consumer Officer at General Atlantic. “With a differentiated brewing process, leading flavor profile and loyal customer base, Athletic is poised to capitalize on expanding global demand for non-alcoholic beer. We aim to leverage our international platform and capabilities across technology, digital marketing and merchandising to help the business reach its potential.”
According to recent surveys, 41% of Americans are actively trying to reduce their alcohol consumption in 2024, an increase of 7% from 2023.2. Meanwhile, 58% of consumers say that low-alcohol and non-alcoholic beer is a good option for anyone looking to moderate long-term alcohol consumption.3.
Recently named one of TIME’s “100 Most Influential Companies” of 2024 and selected as one of GQ’s 20 Most Creative Companies in the World, Athletic has revolutionized the quality and marketing of non-alcoholic beer – making moderation more accessible and creating new opportunities for the brewing industry in the process.
“General Atlantic shares Athletic’s excitement about the future of the non-alcoholic beer market. We look forward to working with the Athletic team as they continue to expand their extensive portfolio and lead further innovation in this dynamic category for years to come,” added Harrison DiGia, Vice President at General Atlantic.
Athletic currently operates custom breweries in Milford, Connecticut and San Diego, California. The investment by General Atlantic, along with other major investors, closely follows Athletic’s recent acquisition of a second brewery in San Diego, formerly known as Ballast Point. Over the next 18 months, Athletic is planning a series of renovations and improvements to the new facility, which will include the installation of a new packaging line and improvements to the brewery, cellar and laboratory to meet strict food safety standards. and the quality of the company. . Once operational, Athletic expects to double its US brewing capacity.
[1] Insider information of the athletic beer company
[2] NCSolutions Consumer Sentiment Survey
[3] Beer Institute Poll and Breakfast Consultation
About Athletic Brewing Company
Athletic Brewing Company is America’s largest and most decorated non-alcoholic brewery. Athletic is revolutionizing the way modern adults drink by creating game-changing NA beer that can be consumed anytime, anywhere. Launched in 2018, Athletic is now the number one non-alcoholic beer brand in America1 and one of the top 20 beer companies in the US2. Its award-winning beers are available nationwide at over 50,000 retailers and 25,000 on-premises venues. Athletic operates custom breweries in Connecticut and California and donates up to $2 million annually to the protection and restoration of outdoor spaces around the globe through its Two For The Trails program. Athletic is proudly a B Certified™ Corporation. Learn more and shop at www.athleticbrewing.com.
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About General Atlantic
General Atlantic is a leading global growth investor with more than four decades of experience providing capital and strategic support to over 520 growth companies throughout its history. Founded in 1980 to partner with visionary entrepreneurs and deliver lasting impact, the firm combines a collaborative global approach, sector-specific expertise, a long-term investment horizon and a deep understanding of growth drivers to partner with entrepreneurs large and scale management teams. innovative businesses around the world. General Atlantic has approximately $84 billion in assets under management including all products as of March 31, 2024, and more than 300 investment professionals based in New York, Amsterdam, Beijing, Hong Kong, Jakarta, London, Mexico City, Miami , Mumbai, Munich, San Francisco, São Paulo, Shanghai, Singapore, Stamford and Tel Aviv. For more information on General Atlantic, please visit: www.generalatlantic.com.