ICONIC Protein Raises $8 Million in Funding Round Led by KarpReilly; Names Beverage Entrepreneur Bill Moses as Company Chairman | Business Wire
SANTA MONICA, Calif.–()–ICONIC Protein, the fast-growing line of protein drinks made with grass-fed dairy, announced today it has raised $8 million in a funding round led by private equity firm KarpReilly. Beverage entrepreneur Bill Moses (KeVita, Casa Barranca Organic Winery, Fermented Sciences Inc.) also participated in the round and will join ICONIC as the company’s executive chairman.
“There is an enormous market opportunity for ICONIC’s better-for-you, New Zealand grass-fed dairy protein offering and we are excited to work with their team to take the brand to the next level.”
Launched in 2013, ICONIC has become one of the beverage industry’s biggest growth stories, racking up triple-digit, year-over-year gains for the past four years. Made using dairy protein from grass-fed cows in New Zealand, ICONIC’s ready-to-drink beverage line is hormone, antibiotic and preservative free. The line is unique in the protein beverage space with a lighter, more balanced taste profile, making it a hit with health-conscious consumers looking for a protein boost but without the heaviness of a traditional protein drink.
“We’re thrilled to announce the funding as well as the addition of these key investors who have proven themselves in the industry,” said ICONIC co-founder and CEO Billy Bosch. “KarpReilly is one of the savviest investors in the food and beverage space and we welcome both their guidance and Bill’s leadership as we continue to disrupt the protein category.”
ICONIC Protein will utilize the funding to build out its senior leadership team and invest in product innovation. This will include building on its positioning as one of the only protein drink brands with a large and growing female audience who turn to the company’s products as a grab-and-go snack in a bottle. ICONIC has generated category-leading velocity with the help of early retail partners like HEB, Sprouts, Wegmans and Rouses Markets.
“ICONIC has distinguished itself as a leader in the fast-growing protein drink space with the use of clean animal protein, incredible velocity at shelf and an audience that reaches far beyond the typical protein beverage consumer,” said Allan Karp, co-founder of KarpReilly. “There is an enormous market opportunity for ICONIC’s better-for-you, New Zealand grass-fed dairy protein offering and we are excited to work with their team to take the brand to the next level.”
“I invest in and team with founders that have not only the vision but also the drive to win,” said Bill Moses. “Billy Bosch is a peer that I know will lead ICONIC to be a top protein innovation company across many categories and I look forward to working with him and his team.”
Additional investors in the round include Lance Collins (CORE Hydration, Bodyarmor, Fuze Beverage) along with Gunnar Lovelace and Nick Green, founders of Thrive Market. Law firm Holland & Hart LLP served as strategic advisor to ICONIC.
About ICONIC Protein
ICONIC Protein is one of the fastest-growing brands in the ready-to-drink protein beverage market with a passionate following of health-conscious consumers who have flocked to the brand’s healthy and great-tasting options. Made using dairy protein from grass-fed cows in New Zealand, ICONIC’s ready-to-drink beverage line is hormone, antibiotic and preservative free. Offering a light and balanced taste profile, ICONIC appeals to shoppers looking for a protein boost but without the heaviness of a traditional protein drink. To learn more about ICONIC, please visit www.drinkiconic.com.
KarpReilly, LLC is a private investment firm, founded by Allan Karp and Chris Reilly, whose primary mission is to partner with premier small to mid-size growth companies and help them achieve their long-term vision. KarpReilly currently manages funds and affiliates with capital commitments in excess of $500 million. Over the past 10 years, the principals of KarpReilly have invested in, sat on the boards of and nurtured over 25 growth companies. For more information, please visit www.karpreilly.com.