Remedy Drinks, the kombucha manufacturer founded in Melbourne, has closed a Series B. While the numbers remain disclosed, the round was led again by L Catterton and the Kin Group, who have previously led investments in Remedy.
The no-sugar, better-for-you drinks have seen solid growth worldwide. Remedy Drinks sit as the #1 Kombucha brand in Australia and the UK and at #3 in Canada. Accompanying the round was hiring a new Chief Customer Officer, Nathan Schy, who will look to accelerate US growth which already sits at 272% YOY.
Remedy Drinks will try to gain shelf space among its existing retail partners of Walmart, Costco, Target and Kroger. The company sits within a nice niche - health-conscious customers looking for healthy alternatives to traditional soft drinks. The Kombucha products are retail friendly, too, with long shelf life, no need for refrigeration and high solid margins. With the new funding, Remedy Drinks hopes to enter another 3,000 retail stores in the US to cap out at 10,000.