Athletic Brewing has announced it has closed a $50 million equity financing designed to drive “continued long-term growth” including through the recently announced purchase of a third U.S. brewing facility and the ongoing expansion of its beer at retailers across the globe.
The business, which is America’s largest non-alcoholic brewery, worked with General Atlantic, a leading global growth investor, with participation from multiple existing investors, on the move.
“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.
“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.”
Launched in 2018, Athletic developed a proprietary brewing method to make fully fermented non-alcoholic brews that are indistinguishable from their full-strength alcohol counterparts. An industry pioneer, Athletic has grown from one of the smallest breweries in America, producing just 875 barrels in 2018, to a top 20 U.S. brewery that sold over 258,000 barrels in 20231.
“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 recent polling, 41% of Americans are actively trying to moderate their alcohol consumption in 2024, a 7% increase from 20232. Meanwhile, 58% of consumers say that low- and non-alcoholic beer is a good alternative for anyone looking to moderate their alcohol consumption long-term3.
