Less than a year after raising $75 million from Science Ventures and Live Nation, Liquid Death has (almost) done it again.
The canned water company today announced the closing of a $70 million Series D round, led by Science and with participation from Live Nation, that puts the company at over $195 million raised to date and at a valuation north of $700 million.
Other individual investors — including comedian Tom Segura, directors Coodie and Chike, NFL players Cameron Heyward and Austin Ekeler, electronic music group Swedish House Mafia and comedian Whitney Cummings — are also now part of the cap table.
Along with launching new beverage categories and expanding into Europe, Liquid Death is also “beginning to lay the groundwork for the IPO path in case it makes sense for the business,” according to a Medium post from Peter Pham, co-founder at Science.
“The round is a milestone event both for Liquid Death and for us — it’s our first ever series D investment and our first time leading a series D round,” wrote Pham, who called the brand “the fastest-growing non-alcoholic beverage of all time.”
He continued: “The investment reiterates our commitment to a barbell approach — we get in at idea inception on the ground floor with founders and invest in late stage businesses where we see strong economics and growth.”
Created by former advertising executive Mike Cessario in 2019, Liquid Death has emerged as one of the buzziest beverage brands in recent years thanks to its aggressively subversive marketing approach and aesthetic.
The brand offers canned still and sparkling water in 16 oz cans at major retailers like 7-Eleven, Target and Whole Foods, and through an exclusive on-premise partnership with Live Nation. Earlier this year, the brand introduced its first line extension, a line of low-calorie flavored sparkling waters. The still and sparkling varieties are currently the #1 and #2 best-selling products in their respective categories on Amazon.
Santa Monica-based Science Ventures has backed a wide variety of businesses, including cereal brand OffLimits, CBD emulsion maker SORSE and ready-to-eat meal service Urban Remedy. The group led a $75 million Series C round earlier this year, alongside Live Nation, Powerplant Ventures, Access Capital and Nomad Ventures.
According to the Medium post, Liquid Death is projecting $130 million in revenue this year, up from $45 million in 2021, and is on pace to double in 2023.