Athletic Brewing Adds $50M, Hits $800M Valuation

Athletic Brewing has reason for cheers.

What’s happening: The nonalcoholic beer company secured $50M in funding led by General Atlantic, valuing it at $800M.

Building off a $50M investment from Keurig Dr Pepper in 2022, the fresh capital will boost production and expand retail operations across the globe.

Honing the craft. No longer a buzzkill, Athletic’s NA craft beers are in high demand:

• Sales grew 60% YTD through June.
• It holds 19% of the nonalcoholic beer market, fueling 32% of category growth.
• It became a top-20 US brewer by volume last year, producing 258K barrels.

Keeping pace, in June, the company bought a San Diego production facility from Ballast Point Brewing — doubling its US production.

Moderation’s Moment

According to CEO Bill Shufelt, Athletic Brewing wasn’t created to replace full-ABV beers.

Instead, the brand targets the 41% of Americans seeking to reduce, but not eliminate, alcohol. Designed as a stand-in for social gatherings and recreational pursuits, Athletic’s 15+ beer portfolio has resonated as the “healthy” choice.

Takeaway: Unlike the functional beverage boom, NA beer has become a wellness product for what’s not in it. With the WHO now discouraging alcohol consumption, more sober swaps will follow — and Athletic will be there for another round.