Athletic Brewing Company, the largest non-alcoholic brewery in America, announced that it has successfully closed a $50 million equity financing round. This round was led by General Atlantic, a prominent global growth investor, with participation from several existing investors. The company plans to utilize the new capital to drive sustained long-term growth, including the recent acquisition of a third U.S. brewing facility and the ongoing expansion of its range of non-alcoholic beers in retail outlets worldwide. Following the completion of this transaction, General Atlantic has secured a seat on the company’s Board of Managers.
“We’re thrilled to welcome General Atlantic as a key growth partner at a time when we’re significantly expanding our West Coast capacity to meet increasing demand for Athletic beer,” said Bill Shufelt, Co-Founder and CEO of Athletic. “We are passionate about transforming the way modern adults drink and converting critics into believers. We’re at the start of a long-term trend, and we couldn’t be more excited to have General Atlantic by our side as Athletic begins its next phase of growth.”
Athletic was launched in 2018 and developed a special brewing method to create fully fermented non-alcoholic brews virtually identical to their full-strength alcoholic counterparts. As a trailblazer in the industry, Athletic has grown significantly, evolving from one of the smallest breweries in America (producing just 875 barrels in 2018) to become one of the top 20 U.S. breweries, selling over 258,000 barrels in 2023.
“Athletic has rapidly become the category-defining brand in non-alcoholic beer, and we are excited to partner with Bill and John as the company continues to grow,” said Andrew Crawford, Managing Director and Global Head of Consumer at General Atlantic. “With a differentiated brewing process, leading taste profile, and loyal customer base, Athletic is poised to take advantage of the expanding global demand for non-alcoholic beer. We intend to leverage our international platform and capabilities across technology, digital marketing, and merchandising to help the business achieve its potential.”
According to recent polling, 41% of Americans are actively trying to moderate their alcohol consumption in 2024, which is a 7% increase from 2023. Meanwhile, 58% of consumers say that low- and non-alcoholic beer is a good alternative for anyone looking to moderate their alcohol consumption in the long term.
Recently named one of TIME’s “100 Most Influential Companies” of 2024 and selected as one of GQ’s 20 most creative companies in the world, Athletic has revolutionized both the quality and marketing of non-alcoholic beer. This has made moderation more accessible and created new opportunities for the brewing industry.
“General Atlantic shares Athletic’s excitement for the future of the non-alcoholic beer market. We look forward to working with the Athletic team as they continue to expand their extensive portfolio and lead further innovation in this dynamic category for years to come,” added Harrison DiGia, Vice President at General Atlantic.
Athletic operates custom brewing facilities in Milford, Connecticut, and San Diego, California. The investment from General Atlantic, along with other key investors, closely follows Athletic’s recent acquisition of a second San Diego brewing facility, formerly known as Ballast Point. Over the next 18 months, Athletic plans to implement a series of renovations and site improvements at the new facility. This will include the installation of a new packaging line and enhancements to the brewhouse, cellar, and lab to meet the company’s strict food safety and quality standards. Once operational, Athletic expects to double its U.S. brewing capacity.
Ranked by the Brewers Association as the 10th largest U.S. craft brewery and 20th largest overall U.S. brewing company, Athletic is America’s number one non-alcoholic beer brand. With dollar sales growing by more than 60%, Athletic currently holds over 19% market share within the non-alcoholic beer segment and is driving 32% of total non-alcoholic beer category growth.
