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Athletic Brewing Company Secures $50 Million Equity Financing Round Led by General Atlantic

Courtesy of Athletic Brewing Company
Courtesy of Athletic Brewing Company

Athletic Brewing Company, the largest non-alcoholic brewery in the United States, has announced the successful closing of a $50 million equity financing round. This round was led by General Atlantic, a prominent global growth investor, and saw participation from several existing investors.

The new capital will be directed towards Athletic Brewing's long-term growth initiatives. These include the acquisition of a third U.S. brewing facility and the expansion of its non-alcoholic beer offerings at retailers globally. With the completion of this transaction, General Atlantic has secured a seat on Athletic Brewing's Board of Managers.

"We're thrilled to welcome General Atlantic as a key growth partner at a time when we're significantly expanding our West Coast capacity to meet increasing demand for Athletic beer," stated Bill Shufelt, Co-Founder and CEO of Athletic Brewing. "We are passionate about transforming the way modern adults drink and converting critics into believers. We're at the start of a long-term trend, and we couldn't be more excited to have General Atlantic by our side as Athletic begins its next phase of growth."

Founded in 2018, Athletic Brewing developed a proprietary brewing method to produce fully fermented non-alcoholic beers that mimic the taste of traditional alcoholic beers. The company has seen substantial growth since its inception, evolving from one of the smallest breweries in America, with a production of 875 barrels in 2018, to a top 20 U.S. brewery with over 258,000 barrels sold in 2023.

"Athletic has rapidly become the category-defining brand in non-alcoholic beer, and we are excited to partner with Bill and John as the company continues to grow," said Andrew Crawford, Managing Director and Global Head of Consumer at General Atlantic. "With a differentiated brewing process, leading taste profile, and loyal customer base, Athletic is poised to take advantage of the expanding global demand for non-alcoholic beer. We intend to leverage our international platform and capabilities across technology, digital marketing, and merchandising to help the business achieve its potential."

Recent polling indicates that 41% of Americans are actively trying to moderate their alcohol consumption in 2024, a 7% increase from 2023. Additionally, 58% of consumers believe that low- and non-alcoholic beer is a viable alternative for long-term moderation.

Recognized by TIME as one of the "100 Most Influential Companies" of 2024 and by GQ as one of the 20 most creative companies in the world, Athletic Brewing has set a new standard in the quality and marketing of non-alcoholic beer. This recognition underscores their role in making alcohol moderation more accessible and creating new opportunities within the brewing industry.

"General Atlantic shares Athletic's excitement for the future of the non-alcoholic beer market. We look forward to working with the Athletic team as they continue to expand their extensive portfolio and lead further innovation in this dynamic category for years to come," added Harrison DiGia, Vice President at General Atlantic.

Athletic Brewing operates custom brewing facilities in Milford, Connecticut, and San Diego, California. The recent investment follows Athletic's acquisition of a second San Diego brewing facility, previously owned by Ballast Point. Over the next 18 months, the company plans a series of renovations and improvements at the new facility, including a new packaging line and enhancements to the brewhouse, cellar, and lab to meet stringent food safety and quality standards. Once operational, this facility is expected to double Athletic's U.S. brewing capacity.

Ranked by the Brewers Association as the 10th largest U.S. craft brewery and the 20th largest overall U.S. brewing company, Athletic Brewing is the leading non-alcoholic beer brand in the U.S. With dollar sales growing by more than 60%, Athletic holds over 19% market share within the non-alcoholic beer category and is responsible for 32% of the total category growth.

This significant investment marks a pivotal moment for Athletic Brewing as it continues to lead the non-alcoholic beer market and expand its influence globally.


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