Partake Brewing announced it has raised $16.5 million in Series B round of funding. The fundraising was led by U.S. based investors PowerPlant Partners and Amberstone, alongside support from existing investors CircleUp Growth Partners (CircleUp), Barrel Ventures and McLean & Associates. This Series B follows the brand’s first institutional round in 2020 where they raised $4 million USD. Partake continues to work closely with Export Development Canada (EDC) to support its growth as it scales and expands internationally.
This new investment will allow continued growth in the U.S. and Canadian markets. The brand will look to expand retail presence, offering the opportunity to land on more shelves and reach new geographic markets while expanding distribution across key channels. Partake plans to extend their regional teams, including key leadership roles to further shape growth. Finally, this investment will create new opportunities for limited releases.
“It has been an incredible journey growing Partake at such an accelerated rate and we are honored to have these investors’ significant support behind us as we further expand on our mission to create a more inclusive drinking culture,” says Ted Fleming, Founder and CEO of Partake Brewing. “We look forward to the continued growth these investments will allow us to make in the near future.”
There is growing interest in the non-alcoholic beer segment driven by better-for-you health and wellness trends. While some people are cutting out booze all together, many are opting for a NA beverage over alcoholic across occasions and adopting NA as part of their weekly full strength alcohol consumption repertoire.
“We’re thrilled to partner with Ted and the Partake team as they build what we believe will be one of the leading brands in this soon-to-be multi-billion dollar new category,” says Mark Rampolla, Co-Founder and Managing Director of PowerPlant Partners. “I’m personally a regular Partake consumer and I know I’m not alone as so many beer lovers look for healthier, but great tasting NA options.”
Partake currently offers Pale, IPA, Blonde, Red, Dark (U.S.), Stout (Canada), Peach Gose and limited seasonal editions including Radler, Lime and Hazy IPA.