It's surely not a sprint: at this rate it looks like Athletic Brewing Company is training for an ultra-marathon.
The fast-rising non-alcoholic beer maker announced today it has closed a $50 million “equity financing round” led by private equity firm General Atlantic, with several key investors from previous fundraising rounds also participating. The latest funding round comes 21 months after a $50 million Series D round led by Keurig Dr Pepper (KDP) that closed in November 2022. Following the latest capital infusion, General Atlantic has secured a seat on Athletic’s board. Although the full composition of Athletic’s board has not been publicly disclosed, investment firm TRB Advisors, which Athletic co-founder Bill Shufelt described as Athletic’s “largest investor across multiple rounds,” KDP and private equity firm Alliance Consumer Growth each hold seats on the board. The new equity financing round is being earmarked to “drive continued long-term growth,” including Athletic’s purchase of another San Diego-based Ballast Point production facility, as well as expanding international sales of its NA beer. Shufelt told our sister site Brewbound that Athletic is now well-positioned to finance capital projects from either “equity debt or cash flow from operations.” What he said: “Interest rates are so high these days, [so] equity made sense in this instance [for] funding a great project that solidifies our capacity for the future. But also a big part of the reason we wanted to do equity was we had the chance to invite one of the most respected world-class investors onto our cap table, and really importantly, is they have a very long-term vision, no time horizon, they’re super excited about the category we’re trying to innovate in and and really great people.” BevNET Insiders can access the full story for more details on the round, the business’ long term playbook and the latest trends. | 
