Olipop

We invested in Olipop because Ben Goodwin and David Lester got something right that the soda category had been getting wrong for fifty years. They treated what's in the can as a real decision, and the experience of drinking it as a reason to choose it again. Better-for-you without being self-serious. Nostalgia without being gimmicky.

The discipline of the build is what held our attention. Olipop never leaned on a health claim to carry the brand. It leaned on the drink. Unit economics that hold, retail velocity that earns shelf space, and a leadership team that refuses to skip steps.

What the category had trained us to distrust was the 'healthier soda' pitch. Every few years, a better-for-you soda brand raises, grows on DTC promotion, and flames out when they try to cross into retail. Olipop cleared that hurdle because the product was genuinely good enough to win on the shelf without a promotion. Something almost no entrant in the modern better-for-you CPG category has achieved.

We joined at Series B and again at Series C, and we'd do it at every round that remains. The company is one of the best consumer brand investments in our portfolio, and we believe the best years are still ahead.

Olipop is the good-for-you nostalgic soda. A category-defining brand that combines familiar flavors with real prebiotic function. Without asking the consumer to choose between taste and what's in the can.

Since our Series B, Olipop has built one of the fastest-growing brands in modern CPG. National retail distribution across Whole Foods, Kroger, Target, Walmart, Publix, HEB, and specialty grocery. Flavor extensions that earn shelf space on merit, not on SKU-count incentives. Retail velocity that is consistently near the top of the soda category, putting the brand alongside legacy incumbents on a per-SKU basis.

The team has scaled the organization without losing the operating discipline that made the early years successful. That is the hardest transition in modern consumer, from founder-led to functionally organized without diluting the brand's voice, and Olipop has handled it with unusual poise.

Retail economics, cultural resonance, and leadership depth are all the things you look for when you underwrite a consumer brand that could become the category. Olipop has all three, and we expect to be invested for a long time.