Soaring Demand Drives $17.5M Series B for Non-Alcoholic Beer Brewer Athletic Brewing
Summary
After 10 years working in hedge funds, Shufelt learned how to brew non-alcoholic beer after deciding to cut it out of his diet for health reasons. We only use traditional beer ingredients, water, hops, yeast, and barley, and we just control natural variables at different times.” One month after launching, Athletic partnered with Star Distributors to distribute its two certified organic flagship non-alcoholic offerings – Upside Dawn Golden Ale, and Run Wild IPA – statewide across Connecticut. Within its first year in business the startup was on pace to reach output of 10,000 barrels – a benchmark that 95 percent of U.S. breweries don’t achieve, Bart Watson, chief economist with the Brewers Association, told Fast Company. “There are some breweries that have been around that mark in the first year,” said Watson, “but it’s extremely rare and requires a unique combination of being well-capitalized, organized, and really resonating in the marketplace.” Battling a long-held reputation for being low-quality, non-alcoholic beer has had a rough-go. However, Nielsen data finds that Athletic Brewing has resonated with consumers, with off-premise retail sales exceeded $1.3 million for the year ending February 29, 2020.