Gravity Drinks raises $1m in seed funding to take on seltzer market

An Australian seltzer startup, Gravity Drinks, has successfully completed a $1 million seed funding round, drawing support from a variety of industry partners, strategic investors, and venue owners, including unnamed pub groups. This achievement marks a significant milestone for the company, which has been making strides in the competitive seltzer market by offering a "better for you" option with less than 1 per cent sugar content. Founded in the summer of 2022 by Mick Spencer and Liam Battye, Gravity Drinks has since expanded its reach, including a noteworthy distribution agreement with Coles Group and First Choice Liquor.

Transaction Snapshot

  • Deal value: $1 million
  • Deal type: Seed funding

Following its launch, Gravity Drinks has not only focused on product quality but also on environmental sustainability. The company partnered with AirSeed to plant trees, contributing to the reforestation of over 127,300 square metres of land in New South Wales. This initiative aligns with Gravity's commitment to being "better for the planet."

The brand's presence has been bolstered by securing exclusive stadium deals, including a partnership with Accor, enhancing its visibility among consumers at major events. Additionally, the appointment of Greg Mitchell, a veteran in the beverage industry, as CEO, signifies Gravity's ambition to further penetrate the market and innovate within the "better for you" beverage category.

The involvement of JOY Agency as a strategic investor and branding partner further underscores Gravity's momentum entering 2024. The hard seltzer market in Australia is poised to generate $758.6m in revenue this year, and is projected to grow 32.1% next year.

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