St. Louis Cardinals star Nolan Arenado has added to his roster of startup investments with his backing of a beverage brand.
The Cardinals third baseman has invested in Scottsdale, Arizona-based Yerbae Brands Corp., the company said Thursday in a news release. Arenado is among other sports figures to invest in the brand, a maker of plant-based energy drinks.
“I tasted. I believed. I invested. And I’m excited to help Yerbae win,” Arenado said in a statement.
Financial terms of Arenado’s investment were not disclosed.
Founded in 2017, Yerbae makes energy beverages that include the ingredient Yerbae mate, a South American herb the firm describes as “one of nature’s cleanest caffeine sources.” It says its energy drinks have zero calories and zero sugar and are vegan and gluten free.
Yerbae trades on the U.S. over-the-counter market on the OTCQX. It reported sales of $4.1 million in the second quarter of 2023, saying its revenue was up 122% year over year. The company said it has received investment and support from several sports figures and celebrities, announcing in August it has raised $4 million in a first tranche of a “celebrity investment round.” Yerbae has also recently created a sports and entertainment advisory board with members that include San Francisco 49ers head coach Kyle Shanahan and University of Southern California head football coach Lincoln Riley.
Arenado isn’t a stranger to investing in startups. He has participated in several venture capital fundings in recent years, backing health and technology-focused businesses. He was an investor in a $305 million funding round in 2021 for Vancouver-based gaming startup Dapper Labs. In 2020, he invested in a $350 million financing for San Francisco-based health care provider Carbon Health. Arenado has also invested in Crosschq Inc., a San Francisco-based startup that has developed employee recruitment software, and mental health company Lyra Health.
Arenado, who was acquired by the Cardinals in 2021 in a trade with the Colorado Rockies, is under contract with the Cardinals through the 2027 MLB season. Arenado, who made his MLB debut in 2013, has been selected to the MLB All-Star game eight times. He’s won the Rawlings Gold Gold Award 10 times and is five-time Silver Slugger award winner.
