A $6 million series A funding round led by major players in the consumer packaged goods space could help push caffeinated gum startup Rev Gum LLC to a new level.
The funding round was announced Sept. 20 but closed earlier this year, according to Blake Settle, Rev Gum founder and CEO. It was led by Yeti Capital — the investment firm of Yeti Coolers founders Roy Seiders and Ryan Seiders — as well as former Whole Foods co-CEO Walter Robb, pro-cyclist-turned-investor Lance Armstrong and the founders of skincare company Drunk Elephant.
"We are thrilled to join the REV GUM team, both as investors and advisors," stated Maxx Karr, managing director and partner at Yeti Capital. "Rev Gum has done what others have not been able to: deliver energy to consumers in the convenient format of gum, while making it taste great. We are excited for Blake and his team's continued innovation."
Settle, a Type 1 diabetic, created the gum equivalent to a shot of espresso as an alternative to sugar-loaded energy drinks. The idea struck as he was studying for finals at the University of Texas at Austin. In 2020, Settle was named to Austin Inno's 25 Under 25 list.
Rev has raised a total of about $9 million, including a $2.6 million round in 2021.
"Our successful raise is a combined result of REV GUM’s differentiated attributes, unique product market fit, as well as the incredible team we are building,” Settle said in an email. "It is also perfect timing for Rev to launch into the market, since the gum category is ready for some functional innovation."
Rev Gum launched in 2019 into major retailers such as Buc-ee’s, Circle K and Love’s. The company has grown into 20,000 retail locations including Walmart, Target, Dollar General, 7-Eleven, Hudson News and Academy.
The new capital will help the company expedite product development and increase marketing efforts online and in stores through on-site sampling, event sponsorships, activations and more, Settle said.
The company has experienced an average of 250% year-over-year growth since its launch and has a lot on tap next year.
"2024 will also mark our first full year of national retail coverage, and we expect REV GUM's momentum to continue accelerating in the coming years," Settle said.
The company is also focused on growing velocities with current retailers. Velocity is important for CPG companies as it measures the rate of retail sales that a company achieves through its points of sale.
Rev Gum has 10 full-time employees and is looking to grow its workforce, Settle said.
