Female-Founded Bev Receives $7 Million in Venture Funding
Los Angeles-based, canned rosť company announces the close of its seed round of funding led by venture capital firm, Founders Fund
LOS ANGELES, April 16, 2019-- Bev, the beverage company disrupting the male-dominated alcohol industry, today announced it has completed its seed round led by tech venture capital firm, Founders Fund, securing a $7 million investment. As a voice in an underrepresented industry for women, Bev is one of few alcoholic beverage companies to receive funding from Silicon Valley, and is Founders Fund's first-ever alcohol investment. The funding will be used to build out their brand platform, invest in new product development, and support the growth of their first product, a canned rosť, across the U.S.
In 2017, Founder and CEO Alix Peabody launched the company with the goal of challenging the status quo and changing the alcohol industry from the inside-out. Peabody hopes to build a brand centered around an inclusive, respectful drinking culture with an emphasis on creating female-friendly spaces. The company's unique approach to modernizing beverage includes building an on-and-offline community, female-owned social spaces, and omnichannel purchasing including direct-to-consumer. Within a year, Bev has grown to a team of twelve and successfully landed a first-of-its kind partnership with Reyes Distribution, the largest beer distributor in the nation.
"It has been humbling to see how our mission to 'break the glass' has resonated with all of our partners. We are incredibly excited and grateful for the support and we couldn't ask for better investors to have joined our team," says Alix Peabody, Bev CEO & founder. "We are building far more than a canned rosť, we're building a space for women in an industry that has long neglected them."
"Alix is a force to be reckoned with. She's on a mission to change the way the alcohol industry speaks to and about women, and she's created a powerful brand that really resonates with female consumers," said Lauren Gross, partner & COO at Founders Fund.
For more information on Bev, please visit www.drinkbev.com.
Founded by Alix Peabody in May 2017, Bev is a beverage company out of Venice, California. They are breaking the glass by challenging male-dominated industries and building a more inclusive, respectful drinking culture. Bev wants to create a mission-driven community that encourages everyone to experience fun on their own terms. Their first product is the refreshingly crisp and dry, canned California rosť wine made with the highest quality grapes from the central coast of California. This proprietary blend has bright aromatics of strawberry, raspberry, white peach and watermelon. Made specifically for a can, every can of Bev has 11.9% ABV, 0 grams of sugar, and 3 grams of carbs. Bev is currently available in Southern California and for purchase direct-to-consumer online. For more information about Bev, please visit drinkbev.com.
About Founders Fund
Founders Fund invests in the world's most important and valuable companies across all sectors and stages. The firm has been an early backer of some of the most impactful companies of the past decade, including SpaceX, Palantir, Airbnb, Stripe and Facebook. Founders Fund pursues a founder-friendly investment strategy, providing maximum support with minimum interference.
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