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Recess Drinks has closed a $30 million series B round led by existing investors including CAVU, according to CEO and founder Ben Witte. Other existing investors, including Midnight Ventures, Rokana, Torch Capital and Doehler Ventures, as well as Atlantic Records CEO Craig Kallman.

Kyle Thomas, who joined C4 in 2021 and has led the growth of its sales team in beverage as Chief Commercial Officer, will be joining Witte as Recess co-CEO and President. 

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KDP is reaffirming its conviction that the separation of its beverage and coffee businesses (unmaking the 2018 merger of Keurig and Dr Pepper Snapple Group) via an $18 billion acquisition of Peet’s is a good idea, despite what the market may think. 

The company is currently hosting investors at NASDAQ headquarters to assuage grumbles about the massive move, with top executives all lined up to break down top-line strategy and numbers, including Q3 earnings, in a presentation expected to last almost three hours.

We’re following the story now (expect a full update later) but the company has already revealed some significant news: KDP CFO Sudhanshu Priyadarshi will not be stepping in to lead the Global Coffee Co. as CEO, as previously announced. Instead, KDP’s board is running an internal and external search for the role. 

Meanwhile, the company announced it was raising $7 billion from PE firms Apollo and KKR to help finance its split. 

For more on how KDP is structuring its two businesses and its Q3 performance, stay tuned to BevNET for more coverage. 

Keef Brands has grown beyond the high-dose marijuana beverages it’s specialized in for years in the recreational dispensary channel, recognizing – much like the rest of the cannabis industry – the opportunity to diversify into lower-dose intoxicating hemp drinks.

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