US$45 million provides Flow with long-term capital and support for continued growth, sustainability efforts and innovation as it establishes the brand as the next generation’s premium water of choice
Flow Alkaline Spring Water, one of the fastest-growing water brands in North America across all packaged water categories, has completed its Series D capital raise, securing US$45 million/£36.1 million in funding. The news was confirmed by Flow Alkaline Spring Water founder and CEO, Nicholas Reichenbach.
“Flow shares this news with an attitude of gratitude,” says Reichenbach. “The financial markets have never been more dynamic and our investors’ commitment to Flow at this time is a testament to the brand’s strength and potential. Flow in 2020 is focused on core asset growth within the US, and job creation within our organisation and for our partners in distribution and retail.”
Investors in this financing round include Shawn Mendes, an ongoing partner and sustainability ambassador to Flow, and his manager Andrew Gertler, both leading the round with Post Malone and his manager Austin Rosen, Coldplay’s longtime manager Dave Holmes, former professional baseball star Chase Utley, and former Uber director of engineering, Curtis Chambers. Institutional investors in this round include Ruttenberg Gordon Investments.
“We’ve brought together a mix of personalities from the worlds of technology, sports, and entertainment – three elements of the connectivity that builds an iconic brand,” says Reichenbach. The investors will take a minority stake in Flow, a B-Corp certified company, with representatives appointed to Flow’s Board of Advisors.
The packaged water market is evolving, and Flow is leading that evolution in regards to consumer taste preference and environmental impact. Flow aims to sell over 100 million packs in 2020, expecting to double its current consumer base of 10 million consumers to 20 million, and enter 2021 with an outlook of owning 10% market share of the country’s 189 million premium water buyers.
Flow’s alkaline mineral water comes from proprietary natural artesian spring water sources in Seawright Springs, Virginia, and Ontario, Canada. Ultimately though, Flow is celebrated by consumers and retailers as one of the purest tasting waters sold today.
Starting in May, the brand is introducing Flow Collagen Infused Water, a new innovation the brand is touting as the best tasting collagen water available.
All Flow waters are packaged in Tetra-Pak, produced from renewable wood fibre and an increasingly viable alternative to plastic containers. In 2020, Flow is also transitioning to Tetra-Pak’s new packaging composed of +/-75% renewable material.
“As beverage shoppers rediscover the refreshment and taste of natural spring water like Flow, they are choosing our brand in-stores and online because of Flow’s commitment to authentic taste, pristine sourcing, and the functionality of water with higher pH levels,” says Reichenbach.