• by Danielle Oster , February 13, 2025

Olipop is now worth more than a billion bucks.

That’s according to a $1.85 billion valuation resulting from the closing of its Series C funding round, with a $50 million investment led by J.P.Morgan.

“Olipop is one of the fastest growing beverage companies to reach this scale and is redefining the category by offering a premium alternative that resonates with today’s health-conscious consumer,” Christopher Dawe, managing partner of J.P. Morgan Growth Equity Partners, who joins the company’s board of directors as part of the transaction, said in a statement.

Founded in 2018 by Ben Goodwin, Olipop claims to have achieved profitability last year, as it expanded to nearly 50,000 retail locations. 2024 saw major growth for the brand, which was the top non-alcoholic brand for both dollar and unit growth for the 12-week period ending 10/6/2024, according to Circana/SPINS data – ahead of legacy giants like Coca-Cola and Dr Pepper. The brand performs particularly well with Gen Z, achieving 25% adoption with the demographic, according to Numerator data for the 52-week period ending Nov. 17.

In a statement, Goodwin attributed the valuation to “the innovation breakthroughs and momentum we have demonstrated as the founders of the modern soda category,” while touting Olipop’s mission of “getting healthier soda to as many consumers as possible.”

The brand’s expansion was helped along by an increased marketing presence in 2024, which included a “Soda Consultants” promotion, use of digital OOH activations, and a marketing push to promote a new flavor.

In a release, Olipop said it would use the funding to further product development, diversify its distribution channels and “expand marketing efforts.” Olipop also said it planned to further expand its retail presence, add to its flavor lineup, and increase the product’s availability in more spaces “traditionally dominated by legacy soda brands.”

The brand also hired an industry veteran to reshape its leadership structure. Coca-Cola executive Mel Landis became its new president, while former president David Lester transitions into an advisory seat on the company’s board of directors.

The healthier soda category is also becoming more high-profile as a whole. The news follows rival Poppi running a 60-second ad in the Super Bowl, its second-consecutive big game ad.