Athletic Brewing Co. Doubles Valuation

The largest non-alcoholic beer brand in the U.S., Athletic Brewing Co., has closed its latest financing round which values the company at about $800 million, according to people familiar with the matter, reports The Wall Street Journal.

This is about twice its valuation from 2022. General Atlantic is leading the $50 million equity-financing round. 

Athletic bests all other nonalcoholic beer brands in U.S. grocery sales, including those of Heineken and Budweiser, according to NielsenIQ. It’s also on the top 20 lists of U.S. breweries.

Athletic plans to use the new capital to continue expanding. It recently announced the acquisition of a third U.S. brewing facility that the company expects will double its brewing capacity.

"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, in a statement. "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." Full Story