Athletic Brewing Company brews fully fermented non-alcoholic beers using a proprietary brewing method intended to be indistinguishable from alcoholic counterparts. Led by CEO Bill Shufelt, the company has expanded from producing 875 barrels in 2018 to selling over 258,000 barrels in 2023. Athletic operates custom brewing facilities in Milford, Connecticut, and San Diego, California, and recently announced the purchase of a third U.S. brewing facility. The company plans to use new capital to drive long-term growth and continue expanding its non-alcoholic beer at retailers across the globe. Athletic has grown into a top-20 U.S. brewery by volume and focuses on converting critics into believers in the non-alcoholic category. The company received a $50M equity investment to support these initiatives. Athletic Brewing produces nonalcoholic craft beer and offers a lineup of more than 40 brews. The company holds roughly 55% market share in the craft nonalcoholic segment, a category NielsenIQ said grew almost 20% in U.S. retail dollars over the past year. Co-founded in 2017 by Bill Shufelt, Athletic has grown rapidly within the expanding nonalcoholic beverage market. Financially, the company has raised about $173.5 million across five funding rounds, including $17.5 million in 2020 and $50 million in 2021. Athletic’s position in the craft segment and strategic investor backing support further scale and brand expansion as consumer demand for nonalcoholic options rises. Athletic Brewing brews non-alcoholic craft beers and a hoppy sparkling water brand (DayPack) aimed at adults who want beer flavor without alcohol or hangovers. The company has won industry awards and sells via major U.S. retailers and direct-to-consumer subscriptions. Athletic plans to invest in a larger east coast brewery to add capacity after opening a 150,000-barrel San Diego brewery less than a year earlier, and to expand into soon-to-be-launched overseas markets. It is growing its team with hires in key markets and expanding marketing partnerships (IRONMAN, Spartan, Ragnar, USA Triathlon, AVP Volleyball) while continuing community programs like Two for the Trails. Athletic launched in 2018, employs over 150 people across 32 states and D.C., and claims nearly 50% share of the non-alcoholic craft beer category. The company experienced roughly 500% year-over-year growth in 2020 for the second consecutive year amid a non-alcoholic beer segment that is up over 430% YTD. Athletic Brewing brews only non-alcoholic (NA) beers and has positioned itself as a dedicated NA craft brewer. The company was founded in 2017 by Bill Shufelt, a former hedge fund trader. It has leaned into e-commerce sales, citing fewer restrictions around NA beer, which helped the brand insert itself quickly into the market. Athletic Brewing recently closed a $17.5 million Series B and now has raised more than $20 million in total capital. The company announced a slate of celebrity investors, including Lance Armstrong, Chef David Chang, TOMS founder Blake Mycoskie, and NFL players JJ Watt and Justin Tuck. In anticipation of continued growth, Athletic Brewing added 125,000 barrels of capacity at a new San Diego facility.

Total raised

$193M

Funding rounds

4

Latest round

Equity

Latest activity

Jul 2024