Partake Brewing - Funding Announcement
Posted by Ted Fleming on
At Partake Brewing, we have been committed to bringing our consumers a high quality and revolutionary craft product that has redefined the non-alcoholic beer industry. After three years of bootstrapping and building a brand that has made it onto store shelves across the continent, we are excited to share that we have raised $4 million of Series A capital in a funding round led by CircleUp Growth Partners to continue to build inclusion and connection through great beer. We are incredibly grateful for our passionate community of fans, supporters, and advocates. Please see below for the full press release.
PARTAKE BREWING RAISES $4 MILLION OF SERIES A CAPITAL IN FUNDING ROUND LED BY CIRCLEUP GROWTH PARTNERS TO REDEFINE THE NON-ALCOHOLIC BEER CATEGORY
With Support from Export Development Canada (EDC), Natural Products Canada, McLean & Associates, and Barrel Ventures Canadian-Based Brand Looks to Expand Category Leadership in the United States
CALGARY, AB (September 9, 2020) – Partake Brewing, the leading craft non-alcoholic beer brand in North America, announced today it has raised $4 million in its first institutional funding round led by San Francisco based CircleUp Growth Partners, CircleUp’s equity fund that takes a data-driven approach to investing in visionary entrepreneurs and products. Self-funded since launching three years ago, the brand is now poised to lead the renaissance of the non-alcoholic beer category that consumers are driving as they change why, when and how they drink and socialize. Joining CircleUp in this financing are Export Development Canada (EDC), Natural Products Canada, McLean & Associates, and Barrel Ventures.
Launched in 2017, Partake Brewing is a non-alcoholic craft beer brand that focuses on flavor, health, socializing and inclusivity for people who choose not to drink alcohol whether as a need or increasingly as a lifestyle choice. Partake Brewing was founded by Ted Fleming after a diagnosis of Crohn's Disease led him to give up alcohol. Ted turned to drinking non-alcoholic beer to maintain the connection and interaction that comes with social drinking. He found that variety and taste were missing from current offerings, inspiring him to brew his own. Partake Brewing now brews a variety of craft non-alcoholic beers that consumers love for their exceptional taste and category-leading calorie profiles (10 calories per can). The company has been the recipient of numerous international awards for product quality and innovation including a Gold Medal at the World Beer Awards for Best Non-Alcoholic Beer.
“We are thrilled to be joined on our mission to transform the non-alcoholic beer category by such an accomplished team of investors, board members, and advisors,” said Ted Fleming, Founder and CEO of Partake Brewing. “With their support, guidance, and insights, Partake Brewing is in a fantastic position to expand our category leadership position in North America with our trailblazing products.”
The new funds will accelerate Partake Brewing’s growth specifically in the US market by allowing the brand to secure key hires, grow its distribution and retail network, and build consumer brand awareness to support Partake Brewing’s expanding coverage with retailers such as Total Wine & More and Whole Foods Market.
"We're on a mission to help entrepreneurs thrive by giving them the capital and resources they need," said Pat Robinson, Managing Director, CircleUp Growth Partners and Member of the Board for Partake Brewing. "Ted has built an amazing capital-efficient business and we're excited to partner with him to accelerate growth."
"Helio, our proprietary technology platform, flagged that Partake excels on taste, variety and nutritionals - the top three purchase criteria in the non-alcoholic beer category," said Trevor Rechnitz, Partner, CircleUp Growth Partners. "Partake's five varieties, 10 calories and 2 grams of carbs per can, and award-winning taste combine to differentiate it from the other emerging players."
For more information about Partake Brewing and its craft non-alcoholic beers, please visit www.drinkpartake.com.
About Partake Brewing
Launched in 2017, Partake Brewing has become the leader in craft non-alcoholic beer in North America with distribution in major retailers across Canada and the United States. Brewed using a proprietary process, Partake Brewing is praised by customers for its unique combination of exceptional flavor, classic styles, and ultra-low calorie profiles. For more information, please visit www.drinkpartake.com.
About CircleUp Growth Partners
Focused on investing in visionary founders, CircleUp Growth Partners leverages CircleUp's proprietary technology asset, Helio, to identify innovative brands with differentiated products and provides entrepreneurs with a unique set of resources and actionable, data-driven insights to propel their businesses forward. The company has a proven track record of identifying emerging brands, and their current investments in food & beverage include Fort Point Beer Company and Koia. For more information, please visit www.circleup.com.
About Export Development Canada (EDC)
Export Development Canada (EDC) is a financial Crown corporation dedicated to helping Canadian companies of all sizes succeed on the world stage. As international risk experts, we equip Canadian companies with the tools they need – the trade knowledge, financing solutions, equity, insurance, and connections – to grow their business with confidence. Underlying all our support is a commitment to sustainable and responsible business. To help Canadian businesses facing extreme financial challenges brought on by the global response to COVID-19, the Government of Canada has expanded EDC’s domestic capabilities until December 31, 2021. This broader mandate will enable EDC to expand its support to companies focused domestically. For more information and to learn how we can help your company, call us at 1-800-229-0575 or visit www.edc.ca.
About Natural Products Canada (NPC)
Natural Products Canada (NPC) is the driving force behind Canada’s Natural Product Innovation Cluster – a strategic community of SMEs, research institutes, corporations, investors, government departments, and others who support the development and commercialization of naturally-derived products and technologies that can be applied to a broad range of industries. NPC offers Commercialization Programs to advance high-potential products and technologies; provides connections and innovation scouting services to industry and investors; and leverages its Investment Fund to help develop and de-risk promising Canadian opportunities. NPC has over 800 opportunities in its pipeline, has completed 12 investments, and has already experienced two exits. NPC is funded by a range of public and private investors, including the Government of Canada’s Centre of Excellence in Commercialization and Research (CECR) program, administered by the Networks of Centres of Excellence. For more information on Natural Products Canada, visit www.naturalproductscanada.com.