Lemon Perfect—a hydrating lemon water brand based in Atlanta, Georgia—has announced it has closed its $31 million Series A funding today with the help of unlikely investor Beyoncé Knowles-Carter.
“We are honored and humbled that Beyoncé has become a part of the Lemon Perfect family,” says founder and CEO Yanni Hufnagel. “She is a worldwide icon whose talent, character, and positivity are unsurpassed.
“Her investment and the energy it sparks will accelerate Lemon Perfect’s rise toward its goal of becoming the number one brand in the multibillion-dollar enhanced water category by market share.”
The company plans to use the funding to scale the brand to over 40,000 points of distribution by the end of 2022.
And while he can’t discuss the details of Beyoncé’s investment, Hufnagel says was “significant” to the closing of its Series A fund.
“I don’t typically enjoy drinks without added sugar, but Lemon Perfect is delicious,” says Knowles-Carter. “It was an easy decision to invest in something that not only tastes great and is healthy, but also, and most importantly, allows choosing a healthier lifestyle to be affordable and accessible to everyone.”
In 2021 Lemon Perfect quadrupled revenue, thanks to growing interest in alternatives to traditional soft drinks, and the company projects over 100% revenue growth in 2022.
The company’s Series A investors include leading consumer product funds Beechwood Capital, Goat Rodeo Capital, Melitas Ventures, NNS Capital, and Trousdale Ventures.
“We have never solicited an investment in Lemon Perfect—we just present our vision for the future and the early data signaling that we can disrupt a multibillion-dollar category,” says Hufnagel.
“When you have a beverage with our taste profile, nutritional deck, and TAM, it makes for a compelling investor story.”
The financing brings Lemon Perfect’s combined funding to a total of $42.2 million to date, valuing the business at over $100 million.
Source & Credit: forbes.com