Non-alcoholic brewery Athletic Brewing raises US$50m from General Atlantic

Athletic Brewing, the largest non-alcoholic brewery in the US, has secured US$50 million in equity financing. The funding will support the company's long-term growth plans, including expanding its brewing facilities and global reach.

Transaction snapshot

• Deal value: US$50 million

• Deal multiples: N/A

• Deal type: Venture funding

• Investors: Led by General Atlantic, with other key investors participating

General Atlantic, the lead investor, will take a seat on Athletic Brewing's board of managers. The funding follows Athletic's recent acquisition of a third US brewing facility, formerly known as Ballast Point, in San Diego.

Bill Shufelt, co-founder and CEO of Athletic Brewing, said the company aims to expand its West Coast capacity to meet growing demand. He believes non-alcoholic beer is at the start of a long-term trend.

Andrew Crawford, managing director and global head of consumer at General Atlantic, stated the firm plans to use its international platform and capabilities in technology, digital marketing, and merchandising to support Athletic's growth.

Athletic Brewing currently operates brewing facilities in Milford, Connecticut, and San Diego, California. The company plans to renovate its newly acquired San Diego facility over the next 18 months, including installing a new packaging line and enhancing the brewhouse, cellar, and lab. These improvements are expected to double Athletic's US brewing capacity.

The brewer has seen rapid growth, increasing production from 875 barrels in 2018 to over 258,000 barrels in 2023, making it a top 20 US brewery.

In September, James Clay and Sons signed a deal to import and distribute Athletic's alcohol-free beer to 5,000 UK venues.

While reports suggest the latest financing round values Athletic Brewing at US$800 million, Shufelt did not confirm this figure. He noted that the company's revenue run rate has more than doubled since its Series D funding in late 2022, indicating a significant increase in valuation for this round.