It became clear in 2015 that Chameleon Cold-Brew had cracked the cold coffee code when it landed nationwide distribution deals that put it in 520 SuperTargets and hundreds of grocery and convenience stores.
That year, it also launched three new flavors to its lineup, debuting them at Whole Foods Market. It became one of the top three cold brew brands in the U.S.
Now, Chameleon is going to blend in with the Nestle brand. The Swiss CPG giant announced Friday it is acquiring Chameleon Cold-Brew for an undisclosed amount.
Chameleon was founded in 2010 by Chris Campbell and Steve Williams, who were both neighbors and coffee aficionados. They came up with a recipe using roasted Arabica beans, Hill Country water and a specific brewing time and temperature.
The coffee startup has taken great pride in responsibly sourcing coffee beans, and, under Nestle, it looks to continue that.
“Chameleon has been extremely fortunate to grow from our hometown base of cold-brew lovers in Austin to a national brand in just a few short years,” Campbell, co-founder and CEO, said in a news release. “Partnering with a world-class company like Nestlé will give us the opportunity to do so on a bigger platform. Our shared values around product integrity and commitment to sustainability made Nestlé the best choice to enable Chameleon Cold-Brew to accomplish our goals for the future.”
Chameleon Cold-Brew has reported raising $4 million in equity funding to the SEC. But Inc. magazine reports the company raised $9.2 million funding, including $8 million from Boulder Food Group. The company had $9 million in sales in 2015, and it had told Inc. magazine it was poised to double that in 2016.
