JuneShine Closes $24 Million In Series B To Accelerate Hard Kombucha Business

Onerous kombucha firm, JuneShine, has raised $24 million in a sequence B spherical to speed up its enterprise with plans to enterprise into new better-for-you alcohol classes in 2022, and provoke a sequence of ardour tasks via superstar partnerships.

The most recent spherical, led by JuneShine’s present traders together with Amberstone and Litani Ventures (launched by RXBar’s founder Peter Rahal after promoting his enterprise to Kellogg

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for $600 million in 2017), was closed after JuneShine noticed its revenues triple between 2019 and 2020, and double throughout the next yr.

San Francisco-based Amberstone, a $45 million fund that has beforehand bought Chameleons Chilly Brew to Nestlé, and at the moment has 9 energetic investments in response to PitchBook, reportedly poured $6 million into this spherical, whereas Litani and Villam Ventures, just lately launched by RXBar’s different cofounder Jared Smith, collectively invested $3.5 million.

JuneShine, which has been promoting natural laborious kombucha (4.2%-6.0% ABV) since 2018, additionally plans to make use of the fund to assist the event of its first brick-and-mortar tasting rooms outdoors of California, along with strengthening its gross sales and advertising and marketing infrastructure.

Its ardour undertaking sequence incorporates a assortment of flavors designed the model’s superstar ambassadors, together with Whitney Cummings, Evan Mock, Cody Ko, Ali Krieger, Ashlyn Harris, Mark Wystrach, Ty Haney, Sage Kotsenburg, Austin Eager, Nora Vasconcellos – a few of whom are additionally JuneShine’s traders.

“JuneShine is a type of category-defining manufacturers that doesn’t come round fairly often,” mentioned Nick Mindel, associate at Amberstone. “The model is pushed by a staff that has introduced transparency and better-for-you choices into the alcohol section, and they’re simply scratching the floor on what they’ll accomplish.”

Rahal additionally mentioned in an announcement: “JuneShine has the strongest staff within the sport, which makes it very easy to take a position behind.” The sequence B increase is anticipated to drive JuneShine’s valuation additional, which has reached $80 million after the shut of the corporate’s earlier fundraise.

“We plan to double income once more in 2022 fueled by our progress in grocery retailer retailer and new product line innovation,” mentioned Forrest Dein, cofounder of JuneShine.

Chief Business Officer, Todd Karnig, additionally notes how laborious kombucha general has carried out “exceptionally properly” in first mover retailers, and JuneShine is properly positioned to push the class to develop additional.

“Because the main model within the class,” Karnig mentioned, “we made large distribution positive factors within the fall retail units, and we anticipate larger wins within the spring.”

He mentioned: “Our chain placements are up 91% and our chain quantity is up 145%. Grocery has been an incredible match for JuneShine as our taste and bundle improvements get elevated consideration. We’re delivering for retailers, and exceeding their expectations is our focus.”