ROAR Organic has just completed a $6 million raise, according to a new SEC filing, bringing the rapidly growing hydration brand’s total funding to about $26 million.
The company, previously backed by AF Ventures, Factory LLC, Melitas Ventures, and Odell Beckham (PitchBook), also closed another $6 million in February to support its retail expansion after reportedly seeing its gross revenue increase by 116% in 2022.
Roly Nesi, a former broker for AriZona Beverages, founded ROAR Organic in 2013 with a line of electrolyte-infused sports beverages utilizing a proprietary coconut water base that contains B Vitamins. The product, available in five different fruity flavors, is selling in a number of natural and mass retailers across the U.S., including Whole Foods Markets, Kroger
The company also rolled out ROAR Plus, a line of hydration powders for on-the-go consumers at this year’s Expo West, before collaborating with Peloton instructor Jess Sims in a brand campaign, and becoming an official hydration partner of the Professional Pickleball Association in 2023.
Growing Hydration Market
ROAR Organic didn’t immediately comment on its latest fundraise and future growth plans. In a public statement earlier, the company’s president Bill Lange noted how their team was ready to take the brand to new heights, and their mission of making hydration and functional wellness a “deliciously vibrant experience” without artificial ingredients or high sugar and calories will remain.
Precedence Research estimated the global electrolyte drinks market to be $33.4 billion in value, and it is expected to reach $58.97 billion by 2032 with a 5.9% CAGR during the forecast period.
The competition within North America, which accounts for the largest revenue share at 40%, has also been heating up after the category leaders Liquid IV was acquired by Unilever in 2020, and BodyArmor purchased by Coca-Cola
Social media influencers Logan Paul- and KSI-backed Prime Drinks anticipates more than $1.2 billion in net sales; Barcode, valued at around $30 million, recently onboarded renowned NBA player Victor Wembanyama as its new investor and brand partner; while VC-backed LMNT is rumored to have already surpassed $70 million in annual sales.