Rebbl, which makes coconut milk-based drinks with herbs and plants, is raising $20 million in funding led by Cavu Venture Partners, the brand said ahead of a formal announcement Friday.
Rebbl says it has $20 million to $50 million in annual sales and expects to be growing at a rate of 70 percent by the end of the year. The new fundraising values it at close to $100 million.
The company is led by Sheryl O’Loughlin, former CEO of Clif Bar and Plum Organics baby food, and co-founded by Palo Hawken and David Batstone.
The drink uses “super-herbs” and “adaptagens,” which Rebbl claims have benefits including a decrease in stress hormones. It makes elixirs like its Matcha Latte and cold-brew coffees with protein that promise to provide energy.
That puts them into a new generation of drinks that call themselves “functional,” often low or no-sugar beverages that purport to nourish better than the previous class of sugary or caffeine-fueled sports drinks. Among them is a rush of new kombucha drink brands or drinks like coconut-water infused BodyArmor that say they have more vitamins and fewer artificial ingredients than their predecessors.
Amid this uprising, PepsiCo’s Gatorade, which created the sports drink category and long dominated it, has ceded market share.
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