Functional soda brand Olipop—which has revitalized the soda category with drinks touting prebiotics, plant fiber, botanical extracts and minimal sugar—has secured a $50 million investment from J.P. Morgan Private Capital’s Growth Equity Partners, bringing its valuation to $1.85 billion.
The raise will support Olipop’s product development, marketing efforts and distribution channels as the “better-for-you” beverage brand ramps up its retail presence.
Olipop also plans to add to its classic flavor line-up, which currently includes Vintage Cola, Classic Root Beer, Classic Grape and Cream Soda. Other flavors offered are Doctor Goodwin, Cherry Vanilla, Banana Cream, Watermelon Lime, Peaches & Cream, Cherry Cola, Ridge Rush, Strawberry Vanilla, Orange Squeeze and more.
Last year, Olipop scored the title of official functional beverage of the LA Clippers & Intuit Dome.
“It’s staggering and thrilling to have achieved a $1.85 billion valuation after just five to six short years in market; a testament to the innovation breakthroughs and momentum we have demonstrated as the founders of the modern soda category,” Olipop CEO, co-founder and formulator Ben Goodwin said. “It’s an honor to work with J.P. Morgan Private Capital’s Growth Equity Partners on this next phase of our adventure as we expand our reach across the U.S. and advance our mission of getting healthier soda to as many consumers as possible.”
Goodwin co-founded Olipop alongside David Lester in 2018. Since its launch, the brand has attracted a slew of celebrity investors, including Mindy Kaling and Priyanka Chopra and ClassPass founder Payal Kadakia Pujji.
Christopher Dawe, managing partner of J.P. Morgan Growth Equity Partners, noted that Olipop is one of the fastest-growing beverage companies to reach this scale as it redefines the beverage category with a premium alternative that today’s health-conscious consumer appreciates.
Dawe will join the company’s board of directors as part of the transaction while former Coca-Cola exec Mel Landis has been appointed Olipop’s president.
‘The brand’s authenticity, mission-driven team and enormous market opportunity resonated with us,” Dawe said. “We look forward to supporting Olipop through its next phase of growth.”
While the beverage market is crowded with energy drinks, the functional and prebiotic soda space remains relatively small—for now. Olipop competitor Poppi recently invested ad dollars for a prime-time spot during Super Bowl LIX, and last year, Slice soda brand was acquired by Suja to give it a healthier overhaul by adding pro, pre and post-biotics. Culture Pop Soda, another healthier soda alternative with live probiotics, also scored a $21 million investment in 2024.
