Liquid Death, which sells water in a beer can, has raised fresh funding at a valuation of $700 million, potentially making its product the fastest growing non-alcoholic beverage of all time.
The three-year-old company is on track to generate $130 million in revenue, three times higher than the $45 million revenue it reported last year. And by next year, the company expects its revenue to double.
Its latest $70 million funding round was led by Science Ventures, whose calculations suggest that Liquid Death’s current trajectory outperforms popular non-alcoholic drinks such as Celsius and Monster.
“From our research, it took Monster four years and Celsius 12 years to reach the level of retail success Liquid Death has had in just three,” said Science Venture’s co-founder and partner Peter Pham.
Liquid Death’s 16 oz. beer-in-a-water-can product is currently available at 60,000 store locations, including major retailers such as Target, 7-Eleven, and Whole Foods, in addition to Live Nation concert venues. In addition, the company recently launched a new line of sparkling water, which has become the second most popular sparkling water option on Amazon, according to Pham. Meanwhile, its main canned water product is the #1 still water option on Amazon’s marketplace.
“Like Tesla moved drivers toward better-for-the-planet EVs through sleek a great product and brand that became part of culture,” Pham wrote. “Liquid Death is moving people toward healthier and sustainable drinking options, not by preaching to them, but by entertaining them and making them a part of something bigger in culture.”
Pham attributes Liquid Death’s success to its creative marketing, environment friendly-packaging and loyal fan base. According to Pham, the company is currently the most followed beverage brand in the U.S., and its content has generated 21 billion impressions, 2x more than Red Bull.
Given its rapid success and fresh funding, the company is gunning for expansion in Europe and eventually filing for an IPO.
Photo credit: Liquid Death