Venture Capital

OLIPOP Soda Raises $30 Million From Camila Cabello, Jonas Brothers, Gwyneth Paltrow

OAKLAND — New wave soda brand OLIPOP has completed a $30 million Series B funding round led by Monogram Capital Partners with celebrity investors Camila CabelloPriyanka Chopra Jonas, Nick JonasJoe Jonas, Kevin JonasMindy Kaling, Logic, and Gwyneth Paltrow. Also contributing to the funding round were Raj and Indra Nooyi (Former CEO, PepsiCo), Anjula Acharia (Founder, A-Series Management & Investments), Payal Kadakia (Founder, ClassPass), Moj Mahdara (Serial Investor & Co-Founder, Beautycon), Paul Klein (lead singer of pop band LANY) and returning early investor Rocana Venture Partners.

This funding round values the three-year-old brand at $200 million and marks a significant milestone in their journey to usher in the next era of soda. OLIPOP anticipates achieving a $100 million run-rate by the end of 2022.

OLIPOP was formulated alongside a team of scientists who developed a tonic that combines the classic soda taste with the benefits of plant-based fiber, prebiotics, and other botanical ingredients to help balance out the body’s microbiome and promote overall well-being. OLIPOP is available in a variety of flavors including Vintage Cola, Orange Squeeze, Strawberry Vanilla, Cherry Vanilla, Lemon Ginger, Classic Root Beer, Orange Cream, Blackberry Vanilla, and Classic Grape. OLIPOP is Non-GMO, paleo, vegan, and gluten-free. It can be purchased online as well as more than 10,000 grocers nationwide including Kroger, Target, Whole Foods, Sprouts, Safeway, and Wegmans.

OLIPOP was launched in 2018 by beverage entrepreneurs Ben Goodwin and David Lester who set out to create a functional soda—one with a familiar and delicious taste but with the added benefits of microbiome and digestive health support. In just three years, the brand has disrupted the traditional soda industry and amassed widespread appeal for its tasty, nostalgia-infused flavors, and proprietary gut-friendly formulation. While traditional soda is loaded with sugar and additives, each can of OLIPOP has 35-45 calories, contains two to five grams of natural sugars, and provides nine grams of prebiotic plant fiber, which is one-third of the daily recommended amount. The product is eliminating the consequences of the traditional soda category, and making way for a new functional soda with benefits, changing the trajectory of health outcomes for many consumers.

“Americans have enjoyed soda for over 125 years. It has deep emotional and cultural resonance for consumers, and the category has become intertwined with our daily lives,” said Ben Goodwin, Co-Founder, CEO, and formulator at OLIPOP. “Our goal has always been to offer a product that can truly occupy the space that traditional soda has filled while also contributing to consumers’ overall well-being. We are thrilled to have incredible investment partners join us in this mission through their participation in our Series B. These celebrities and talent will help us reframe consumer perception of soda within American culture.”

Additional leaders in the entertainment and business world have also joined this Series B funding round as strategic investors, including: Lavinia Errico (Co-Founder, Equinox), Adam Eskin (Founder/CEO, DIG), Roger Gold (Co-Founder, 300 Entertainment), Marianna Hewitt (Co-Founder, Summer Fridays), DeAndre Hopkins (Wide Receiver, Arizona Cardinals), Lauren Gores Ireland (Co-Founder, Summer Fridays), Devon Levesque/DML Group (Adventure Capitalists), Rupert Lincoln (Founder, Hills Artists), Jay Livingston (CMO, Shake Shack), Michael Lynton (Chairman, Snap Inc.), JJ Redick (Former Pro-Basketball Player), John Rigos (Director, Aurify Brands), Philip Rosenthal (Television Writer/Producer), Patrick SchwarzeneggerBrandon Shainfeld, Keri Shahid, and Nick Tran (Head of Global Marketing, TikTok).

Monogram Capital Partners, which led the company’s $10 million Series A in 2020, is doubling down on its investment in OLIPOP. Partner Jared Stein, who is joining OLIPOP’s board, says “OLIPOP is transforming how consumers experience soda. Today’s consumers are increasingly focused on lower-sugar alternatives that don’t sacrifice taste and include functional benefits such as enhanced gut and immune health. We believe strongly in this mission and are excited to amplify our partnership with OLIPOP to bring much-needed innovation and functional health benefits to a traditional soda offering that is so ripe in its need for better-for-you alternatives.”

OLIPOP will earmark the Series B funding to develop new products, grow its team, tap into new marketing channels including television and out-of-home advertising, and expand its e-commerce and wholesale channels.