Free spirit: James Kindred and Rob Fink
An alcohol-free beer company, backed by brewing industry veterans has raised new funding from a group of investors who include Scottish cyclist Danny MacAskill.
Big Drop Brewing Co has seen revenue soar by 150% over the last year as sales in the no-and low-alcohol drinks sector show growth of 50% over the same period.
The company has raised £3.5m in equity investment in a Series A funding round led by Panoramic Growth Equity, with further funds coming from Rubix Ventures, an investment firm backed by athletes and company owners.
They include cyclists Danny MacAskill and Dan Martin, mountain bikers Greg Minnaar and Loic Bruni, rally drivers Elfyn Evans and Scott Martin, as well as Zwift founder Eric Min, and co-founder of Square Mile Coffee James Hoffmann.
Danny MacAskill: investor
The round also includes BluepointVC, a venture company led by Stefan Orlowski, an ex-senior executive at Heineken, who joins Mark Hunter, former CEO of Molson Coors, in supporting Big Drop on its advisory board. Mr Hunter is chairman of Artisanal Spirits Company, owner of the Scotch Malt Whisky Society, which floated on the stock exchange on 4 June.
Big Drop was launched in 2016 by entrepreneurs Rob Fink and James Kindred, two long-time friends who wanted to create alcohol-free craft beer that did not compromise on taste.
Big Drop currently brews in the UK, Australia, Canada and the US and is available in more than 20 countries.
David Atkinson, senior investment manager at Panoramic Growth Equity, said: “As consumer tastes develop, the alcohol-free drinks market is experiencing high growth and Big Drop is at its forefront. We share the team’s vision to grow the brand in the UK and overseas and are pleased to provide investment to support this goal.”