Athletic Brewing $50M Equity Round: What We Know

The Athletic Brewing Company, the largest non-alcoholic beer manufacturer in the country, has announced its latest equity round worth $50 million. This equity round has resulted in the brand doubling its valuation to $800 million, proving the company’s value in a volatile market. Let’s take a look at what else we know about the latest equity round.

Athletic Brewing $50M Equity Round: The Largest of Its Kind

The largest non-alcoholic brewery in America, Athletic Brewing Company, revealed on Tuesday, June 9, that it had completed a $50 million equity funding round, with participation from many current investors and led by renowned global growth investor General Atlantic.

With the recently announced acquisition of a third U.S. brewing facility and the ongoing global expansion of its excellent non-alcoholic beer, Athletic Brewing intends to use the additional funds to fuel long-term growth. Following the transaction’s completion, General Atlantic was granted a seat on the board of managers of the business.

“We’re thrilled to welcome General Atlantic as a key growth partner at a time when we’re significantly expanding our West Coast capacity to meet increasing demand for Athletic beer,” said Bill Shufelt, co-founder and CEO of Athletic Brewing, in a statement accompanying the announcement. “We are passionate about transforming the way modern adults drink and converting critics into believers. We’re at the start of a long-term trend, and we couldn’t be more excited to have General Atlantic by our side as Athletic begins its next phase of growth.”

“Athletic has rapidly become the category-defining brand in non-alcoholic beer, and we are excited to partner with Bill and John as the company continues to grow,” added Andrew Crawford, managing director and global head of consumer at General Atlantic. “With a differentiated brewing process, leading taste profile, and loyal customer base, Athletic is poised to take advantage of the expanding global demand for non-alcoholic beer. We intend to leverage our international platform and capabilities across technology, digital marketing, and merchandising to help the business achieve its potential.”

According to Fortune, the company’s valuation now stands at $800 million, though an Athletic Brewing spokesperson stated that “the company could not confirm or deny the new valuation.”

The Rise of the Non-Alcoholic Beverage Market

Consumer attitudes are clearly shifting in favor of more conscientious consumption and healthier lifestyle options, as evidenced by the success of Athletic Brewing. When it comes to drinks, this tendency is especially noticeable, as more people are choosing nonalcoholic alternatives over conventional alcoholic ones. The demand for nonalcoholic drinks is rising due to trends like Dry January and an increasing interest in the sober curious lifestyle.

A poll conducted by NCSolutions in 2023 and 2024, which provided insight into the growing sober inquisitive movement, supports this ongoing trend. According to the research, there is a noticeable trend among Americans to embrace moderation in their drinking, with 41% of respondents saying they plan to cut back on alcohol in 2024 — a 7% increase from 2023.

In a poll of more than 1,000 Americans aged 21 and over, NCSolutions found that younger generations are more affected by this change, with Gen Z leading the way. Sixty-one percent of Gen Zers stated they planned to cut back on their alcohol consumption in 2024, up from 43% in 2023. Millennials are following suit, with almost half (49%) indicating a 26% increase from the previous year that they intend to cut back on alcohol intake.

This trend’s many motivations are a reflection of how society’s ideals are evolving. In 2024, Gen Zers gave a variety of explanations for their decision to reduce their alcohol intake, including cost savings, better physical and mental health, lifestyle modifications, and weight control.