Beverage producer Coca-Cola’s Venturing & Emerging Brands unit has participated in a $15m seed round for US-based beverage brand owner Iris Nova that valued it at approximately $60m according to Bloomberg.
Venture capital firms GGV Capital, Greycroft and Lakehouse Ventures, and specialist VC funds Imaginary Ventures, Betaworks Ventures, Cassius and Nebari Ventures also took part in the round, as did a number of angel investors.
Iris Nova owns organic lemon juice brand Dirty Lemon and has also opened a concept retail store in New York called The Drug Store, utilising a sales and communication platform that enables customers to place beverage orders through text messages.
The company plans to launch two new non-alcoholic brands this year, which will both use the text message-based platform, as well as a second retail outlet.
In addition to expanding its portfolio, a portion of the funding will be allocated to Iris Nova’s corporate venturing unit, Iris Nova Ventures, which was established to invest in early-stage beverage brands.
Image courtesy of Iris Nova Ltd.