The Venture Codex

Participated · Equity · May 2026

Founded in 2016 in Vienna, Waterdrop produces small dissolvable cubes made from fruit and plant extracts that flavor and enrich water without sugar or artificial preservatives. The company reports more than five million online customers and approximately €150 million in annual revenue, with about 70% of sales through its own online shop. Waterdrop is sold in over 20,000 retail locations and operates roughly 50 owned stores across Europe, the U.S., Japan and Australia. The business closed fiscal year 2025 profitably and has secured partnerships such as sponsorships of the Australian Open and the ATP Tour. With the new capital, Waterdrop plans to accelerate European expansion, scale its retail channel, grow direct-to-consumer operations in key markets, and invest in product development.