Boulder's Rowdy Mermaid Kombucha announced that it wrapped up its Series A round Wednesday, bringing in a total of $7 million to support retail expansion and launch an e-commerce platform.
The kombucha startup raised the Series A in two $3.5 million segments, both led by KarpReilly, a Greenwich-based private investment firm with a portfolio of brands in the consumer sector, including: Spindrift, LIFEAID, KeVita, Koia and ICONIC Protein.
"Year after year, we continue to see innovative products, initiatives and solutions from our friends at Rowdy Mermaid," Allan Karp, co-founder of KarpReilly, said in a statement. "Rowdy's function-forward flavors, approachable brand, and unwavering passion for product integrity are the key points of difference in an otherwise crowded category."
The Series A supports national retail expansion and the introduction of Rowdy Mermaid's e-commerce platform, with an increased investment into sales and marketing, in addition to research and development of additional product lines.
The company projects triple-digit sales growth in 2020, as the beverage manufacturer expands into new markets.
"The past year has been an exciting time for all of us at Rowdy Mermaid as we further expand our national footprint and bring new flavors and functions to our product line," said Rowdy Mermaid founder and CEO Jamba Dunn in a statement. "As we continue to dream up new ways to introduce functional beverages to as many people as possible, partners like KarpReilly help us achieve our goal of plant-based medicine from Rowdy in every fridge."
Rowdy Mermaid currently has 22 employees at its Boulder headquarters, with plans to hire for additional roles in sales and marketing, though the company didn't specify how many.
The company has developed a loyal following since its founding in 2013, reporting double or triple digit growth each year. The company also transitioned to 100% recyclable cans as part of its commitment to cleaner supply chains and more sustainable packaging.
The company's newest flavor, Watermelon Bloom, will be available in supermarkets, including Sprouts Farmers Market and Natural Grocers, in individual 12-ounce cans beginning June.
