• Popup Bagels

  Participated · Series A · Oct 2023

  PopUp Bagels launched during the pandemic in 2020 out of founder Adam Goldberg’s home kitchen in Westport, Conn. and operates as a NYC-based viral bagel business. Customers order bagels online days in advance and pick them up at specified times and locations. The company sells 3-, 6- or 12-pack fresh-from-the-oven bagels and runs weekly flavor and brand collaborations paired with artisanal schmears such as Utz Cheese Ball Cream Cheese and Bowery Farms Basil Pesto Butter. Buyers are encouraged to “grip, rip and dip” the bagels as part of the product experience. Financially, the company closed an $8M Series A and intends to use the funds to expand its executive team. Previous investors have returned to co-invest alongside the new lead. PopupBagels began as founder Adam Goldberg's pandemic home-kitchen project and has grown into a recognized New York‑region brand known as “Not Famous But Known.” Its bagels are baked with a crispy, chewy crust and a lighter-style crumb, sold only in advance by the dozen with two schmears and baked fresh for pickup at permanent or pop-up locations. Schmears include classic and inventive flavors such as Grilled Scallion, Dill Pickle, UTZ Cheeseball, and Chili Crunch Butter. The company won the Brooklyn Bagelfest 'Best Bagel' award two years running and was featured in the New York Times. PopupBagels plans to expand beginning in the Northeast by leveraging small-footprint storefronts and underutilized restaurant kitchens. Capital from the recent seed round will be used to grow the corporate team and prepare that expansion.

• Athletic Brewing

  Participated · Series C · Jul 2021

  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.

No current team members are available.