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eighth July, 2021 by Nicola Carruthers
Canned pre-mixed producer The Lengthy Drink Firm, co-owned by actor Miles Teller, has secured US$25 million to create new merchandise and increase distribution.
Lengthy Drink is ‘poised to seize the alcoholic beverage canned sector forward of summer time’
In Finland, ‘lengthy drink’ (in Finnish lonkero) refers to a combined drink comprised of gin and, mostly, grapefruit soda. The Lengthy Drink Firm’s core product is The Finnish Lengthy Drink, a 5.5% ABV expression described as a ‘refreshing, citrus soda with a premium liquor kick’.
The corporate has raised US$25m, together with ‘vital funding’ from personal funding administration fund Neuberger Berman {and professional} rally driver and entrepreneur Ken Block.
The Lengthy Drink Firm is backed by Teller, music producer Kygo and professional golfer Rickie Fowler, Founders Brewing co-founder Mike Stevens {and professional} hockey participant Tuukka Rask.
The cash raised shall be used to spice up Lengthy Drink’s new product improvement, gasoline progress and improve distribution, in addition to scale manufacturing throughout the US.
In accordance with the corporate, Lengthy Drink grew by greater than 400% within the first quarter of 2021.
“The gross sales per retailer progress, authenticity, style, and whole market potential is what excited us,” defined Peter Sterling, managing director, head of specialty finance/fintech at Neuberger Berman. “That is an thrilling new class that’s pulling from conventional market individuals and that knowledge reveals might be a number one model.”
The vary contains the core Finnish Lengthy Drink; Zero, a 5% ABV drink containing no sugar or carbohydrates; a cranberry flavour; and Sturdy, a 8.5% ABV variant.
The model has virtually 10,000 stockists throughout the US.