Products You May Like
Texas-based ready-to-drink producer Canteen Spirits has secured US$31 million in funding to boost its expansion across the US and open a new facility.
Based in Austin, Texas, the firm produces ready-to-drink (RTD) brands Canteen Vodka Soda and newly launched Cantina Tequila Soda. Founded in 2019, Canteen Spirits specialises in sparkling sodas made with ‘natural’ flavours, and vodka and Tequila.
Canteen Spirits raised the money through both debt and equity, led by ATX Global Co-Invest, a subsidiary of venture capital firm ATX Venture Partners. The company has closed several rounds of funding.
This latest round of funding will be used to bolster brand recognition for its products and meet demand for Canteen’s RTD cocktails.
Canteen Spirits said it sold 517,000 cases in 2020.
The company is also planning to open a 50,000 sq ft production facility in southwest Austin, which is expected to be in operation by June 2021.
“Given the dynamics of the ever evolving seltzer and ready-to-drink space, we are confident that Canteen Spirits and Cantina are positioned for success,” said Chris Shonk, partner and co-founder of ATX Venture Partners.
“Nothing this big has been done this fast before. To assemble a veteran team of beverage experts, already positioned as an RTD market leader in vodka and capitalise them to now expand that dominance into Tequila is incredible.
“Our partnership is prepared to extend limitless capital to this team to continue to press their advantage.”
Canteen Spirits is available in all 50 states and through e-commerce platform Drizly.
The new Cantina Tequila Soda is available in 42 states and has a growth rate twice as fast as any other Tequila-based RTD cocktail on the market, Canteen Spirits said.
The firm has received backing from pop and country music artists including Maren Morris, Ryan Hurd, Brooklyn Decker, Bobby Bones, Chase Rice, Kelleigh Bannon, Andy Roddick, Cody Johnson, Josh Abbott, Koe Wetzel, Randy Rogers, Wade Bowen, and more.