• 💰 Return of the SPAC?
• ➡️ Moment Shifts Cans
• 🏛️ 7-Eleven v. FTC Continues
• 🆕 What Else Is New?

Wet Hydration is soaking up some new financing. 

The Las Vegas-based functional beverage startup has closed a $4.5 million round, chasing a separate $1.5 million raise the business pulled in last year.

That funding – backed entirely by private investors, according to founder and CEO Spencer Altschul – comes as the brand onboards some seasoned help with the addition of former Celsius sales EVP Jon McKillop as President.

“With great taste, meaningful functionality and on-trend, sustainable packaging, our wellness water is the hydration brand today's discerning consumers are looking for,” McKillop told BevNET in an email. “We look forward to disrupting the hydration category and building the next blockbuster brand!"

If you’re not familiar, Wet was founded in 2020 and makes a line of canned functional hydration drinks with flavors like immunity-supporting Glow and energy centric Boost.

The fundraise now gives the brand resources to support a larger innovation rollout this year. That pipeline includes a protein SKU, canned still and sparkling water, powders and co-branded cans, which will all roll out alongside an updated can design.

The platform approach can be a challenge for early stage brands, but more established competitors like LifeAID have shown that it is possible to find an audience with a versatile, multi-functional product line. 

Altschul believes Wet Hydration can firmly establish itself as a flexible and multifaceted platform for innovation. Though it’s still early days as Wet tries to reach new consumers and grow beyond its 1,500 door footprint (which is mostly concentrated in the Western U.S. at the moment).

Go Deeper: Check out the full report on Wet’s new financing on BevNET

Are SPACs back? Siddhi Acquisition Corp., a new special purpose acquisition company (SPAC) affiliated with Siddhi Capital Holdings, has priced its upsized initial public offering at $240 million.

• The blank check company is targeting high-growth businesses across any industry or geography, according to a March 7 filing with the U.S. Securities and Exchange Commission (SEC).
• The SPAC is led by chairman Brian D. Finn and CEO Sam Potter, who serve as chairman and partner of Siddhi Holdings, respectively.
• While the team noted it is “not constrained to any specific industry,” it highlighted its management team’s “extensive experience in consumer brands, food & beverage and food technology.”
• The company has tried this before, back in 2021, but didn’t find an acquisition.

Botanical and adaptogen-based drink producer Moment has teamed with Crown Holdings, Inc. to replace its shrink-wrapped cans with directly printed ones in the name of sustainability. Capsules and Closures, LLC, is also providing support, per Monday’s announcement. 

👀 The collaboration will move six of Moment’s best-selling SKUs into an infinitely recyclable format, including Sparkling Blackberry Lavender and Still Blueberry Ginger. The 12 oz. CrownSleek cans will roll out to the Midwest and Northeast by early 2025. 

💭 “We are thrilled to support [Moment’s] success in the ‘modern soda’ market by providing an eco-friendly, stunning package that reflects evolving consumer preference,” said Bryan Sahadi, senior manager of marketing and commercial operations at Crown, in a statement. 

7-Eleven’s motion to dismiss a Federal Trade Commission (FTC) case that could cost it $77.5 million over a merger settlement violation has been rejected by a D.C. federal court. 

• The judge said that the FTC is allowed to seek civil penalties for the commission as long as the U.S. attorney general was given a chance to sue first. 
• 7-Eleven had argued in its motion that only the federal AG can sue for civil penalties.

The suit stems from a 2018 agreement intended to resolve antitrust concerns when the c-store operator acquired 1,100 locations from Sunoco LP. 

• The settlement named specific stores 7-Eleven could not buy without first notifying regulators.
• However, 7-Eleven allegedly violated that agreement, leasing one of the named stores (located in St. Petersburg, Fla.,) for several years without notice. 

Catch up on 7-Eleven’s ongoing power struggle and fight against a takeover by Circle K.

It’s Hump Day! Here’s a taste of the new drops and activations from the first half of the week.

💀 Liquid Death has inked a multi-year integrated marketing deal with the Madison Square Garden (MSG) family of companies to showcase the canned water brand’s products across its sports and entertainment events. 

🏭 Global flavor company Torani will host a “Flavor Factory” pop-up experience in San Francisco’s North Beach district, where it was founded, from April 11 to April 13 to celebrate its 100th anniversary. 

🍹 Non-alcoholic aperitivo brand Figlia has unveiled its first new flavor: Sole. The new offering features tasting notes of meyer lemon, peach and basil and is available on the brand’s website for $43 per 27.2 oz. bottle. 

ICYMI: Check out more all of the latest product news on BevNET.