Sometimes water tastes better when it’s in a cool-looking can.
At least that’s the thesis behind Liquid Death, a 3-year-old startup that is already valued at $700 million following its latest round of financing. The $70 million investment was led by Science Ventures, with participation from other investors including Live Nation Entertainment Inc., music group Swedish House Mafia and comedian Whitney Cummings.
The Santa Monica, California-based beverage business launched in 2019 and is already on track for $130 million in revenue this year, according to the company, up from $45 million in 2021. It sells water in beer-style cans and distributes them in stores, online and at concerts.
Liquid Death, which now also sells flavored beverages, saw an opportunity to sell nonalcoholic drinks that look more appealing and environmentally friendly than a traditional plastic water bottle. “If you don’t want to drink, this is way more fun,” said Co-Founder and CEO Mike Cessario, adding that he believes brand loyalty will keep it competitive against National Beverage Corp.’s LaCroix or PepsiCo Inc.’s Bubly.