Beyoncé participates in Lemon Perfect’s $31M funding spherical

Dive Brief:

  • Lemon water model Lemon Perfect closed its $31 million Series A funding spherical. Investors included superstar Beyoncé Knowles-Carter and shopper product funds Beechwood Capital, Goat Rodeo Capital, Melitas Ventures, NNS Capital and Trousdale Ventures.
  • The firm plans to make use of the funds to greater than double its distribution to upwards of 40,000 factors by the tip of the 12 months. Lemon Perfect predicts higher than 100% income development in 2022, and the model says it quadrupled income in 2021.
  • Enhanced water drinks are attending to be extra fashionable as customers seek for more healthy, clean-label choices for hydration that transcend their faucets. Lemon Perfect has capitalized on the pattern, elevating $42.2 million to this point and notching a valuation of greater than $100 million in lower than three years.

Dive Insight:

Since its founding in 2017, Lemon Perfect has been the beneficiary of a number of large developments in meals. The model, which claims to have the juice of half of an natural lemon — and 100% of the every day worth of vitamin C — in every bottle, payments itself as a hydrating, flavorful and pure choice for customers on the go. There is not any sugar in Lemon Perfect — it’s sweetened with erythritol and stevia — and its web site highlights a number of of the well being advantages present in lemon juice. Lemon Perfect strengthens the immune system, gives power with out caffeine and provides digestive advantages, in keeping with the corporate.

With this latest funding spherical, Lemon Perfect is setting itself up for the following degree. The $31 million funding spherical is extra quadruple the $6.6 million the model had raised in 2020.

And the star of the funding spherical, leisure icon Knowles-Carter, additionally brings it to new heights. Knowles-Carter, well-known all over the world as a singer, actress, document producer, dressmaker and businesswoman, has not made many investments in companies. According to Crunchbase, Knowles-Carter has invested in three different firms since 2015: live performance merchandise app Sidestep in 2015, sustainable juice model Wtrmln Wtr in 2016 and style firm Destree earlier this month.

While one in all Knowles-Carter’s most acclaimed albums is known as “Lemonade,” a written assertion from Lemon Perfect signifies the correlation of names shouldn’t be the one motive she invested on this model.

“I don’t typically enjoy drinks without added sugar, but Lemon Perfect is delicious,” Knowles-Carter mentioned within the assertion. “It was an easy decision to invest in something that not only tastes great and is healthy, but also, and most importantly, allows choosing a healthier lifestyle to be affordable and accessible to everyone.”

While Knowles-Carter is without doubt one of the world’s best-known celebrities, the cachet that her backing will convey to Lemon Perfect is unknown. In the years since she’s invested in Wtrmln Wtr, she’s talked the model up on social media and her personal web site, however hasn’t completed any advertising and marketing campaigns. However, many have linked her funding within the upcycled juice model to a tacit endorsement, and followers have consumed the juices merely out of deference to her.

Considering the model’s current efficiency, Lemon Perfect could not essentially want somebody with Knowles-Carter’s standing to develop, nevertheless it might assist. Celebrity investing has been a pattern amongst CPGs in recent times, and it is largely been useful to all events. Consumers see {that a} superstar believes in a model sufficient to place their very own cash into it, which runs deeper than a easy endorsement deal. And celebrities are also capable of revenue from their investments — which may particularly be useful if the superstar’s involvement with the model results in extra gross sales.

Knowles-Carter is the largest superstar to again Lemon Perfect, however she’s not the one one. Lemon Perfect’s 2020 seed spherical had participation from a number of athletes, together with basketball’s Channing Frye, Nick “Swaggy P” Young, Spencer Dinwiddie, Blake Griffin, Josh Hart, Damian Jones, Kyle Kuzma, Meyers Leonard and De’Anthony Melton. The launch about Lemon Perfect’s present funding spherical mentions participation of a community of traders from “media, music, sports, and entertainment,” however Knowles-Carter is the one one the corporate talked about by title.

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