2022 is off to a strong start for Santa Monica-based startup Liquid Death. Money is already pouring in for the canned water company which announced Monday that it raised $75 million in fresh financing. The Series C round, led by startup studio Science Inc., places the company’s valuation at $525 million.
Science Inc. initially dived into Liquid Death with a $2.3 million seed round back in 2019. Since then, venture firms and celebrities alike have continued to flood the startup’s pockets with fresh capital. In 2020, Liquid Death raked in a total of $32 million. The startup closed on a $9 million Series A in February of 2020 and seven months later secured $23 million in Series B financing.
“[We’re] diving into the ring in 2022 with a flying elbow from the top rope,” Mike Cessario, CEO and co-founder of Liquid Death, said on LinkedIn.
The latest raise follows Liquid’s $15 million Series B extension round, which it closed in May of 2021. That round included participation from celebrity investors like Wiz Khalifa, Tony Hawk and Machine Gun Kelly. At the time, the company announced a new partnership with Live Nation Entertainment to be the exclusive water vendor at more than 120 music venues and festivals across the U.S.
“Music has been a huge part of our DNA since the beginning. We can’t wait to get back to live shows, support our favorite artists and help kill plastic water bottles at concerts,” Cessario said in a statement.
As Liquid Death’s pool of capital continues to overflow, the company continues to expand its retail footprint. Liquid Death has added around 13,000 new retailers to its client roster since its last raise. All told, the canned water company can be found in more than 29,000 locations across the U.S. Liquid Death’s product not only lines the shelves of local tattoo parlors and cafes but can also be found at top grocers like Whole Foods and Safeway.
Following the latest raise, Cessario told TechCrunch that the company plans to dip its toes into the flavored water market and no…not like that. Once thought to be a spa-related specialty or an early 2000s fad (remember Propel?), flavored water is mounting a major comeback.
Now, Liquid Death is looking to cash in on the hype with the introduction of several new product flavors. The fresh line of beverages will echo the company’s punk metal ethos, with names like Berry It Alive, Severed Lime and Mango Chainsaw.
Liquid Death is also expanding the size of its team. The canned water company is now hiring for six open positions across its operations, sales and marketing teams.
Liquid Death has raised $125 million in venture capital financing to date.
Additional investors Live Nation, PowerPlant Partners and Access Capital participated in the round, among others.
