We are proud to share that we have closed $16.5 million USD in Series B capital to accelerate our leadership in the non-alcoholic category and meet the increasing consumer demand for quality non-alcoholic options.
The funding was led by U.S. based investors PowerPlant Partners and Amberstone, alongside support from existing investors CircleUp Growth Partners (CircleUp), Barrel Ventures and McLean & Associates. Partake continues to work closely with Export Development Canada (EDC) to support its growth as it scales and expands internationally. This Series B follows our first institutional round in 2020 where we raised $4 million USD.
This new investment will allow continued growth in the U.S. and Canadian markets, specifically by building brand awareness and consumer love, making Partake available to millions of potential new customers that are eager to drink less alcohol and live a healthier lifestyle. We will look to expand retail presence, offering the opportunity to land on more shelves and reach new geographic markets while expanding distribution across key channels. We plan to extend our regional teams, including key leadership roles to further shape growth. Finally, this investment will create new opportunities to craft exciting and unique limited releases to add to our range of great tasting, 10 – 30 calorie, non-alcoholic beer offerings.
With the support of our partners, we are excited to continue our mission of redefining what inclusive social drinking occasions look like by making non-alcoholic options commonplace without question on any occasion.