Three Spirit Closes Seed Round As It Continues US Expansion
Drinks innovation company Three Spirit, the world’s first functional plant-powered range of elixirs, announces the closure of its $3m round of funding led by CircleUp Growth Partners, the early-stage consumer packaged goods investment fund.
Created by a team of bartenders and plant scientists, Three Spirit offers a portfolio of non-alcoholic spirit alternatives that deliver on both function and flavour.
The seed round will fund investment in the US market, specifically in manufacturing, building the team, and continuing scientific research.
This will also support a new functional alternative wine/RTD range made with their current approach; rather than removing alcohol, Three Spirit uses functional ingredients and innovative processes to develop layer after layerof complexity and texture.
Co-founders Meeta Gournay, Dash Lilley, and Tatiana Mercer, are on a mission to show that alcohol-free doesnot mean pleasure-free. While othernon-alcoholicspirits imitate the taste of and appearance of distilled spirits,Three Spirit produces premium, botanical drinks with enough flavour to be sipped straight, or in cocktails, andactive adaptogenic ingredients to change states, enhance moods and ultimately make you feel better.
Since its US launch in January 2021, Three Spirit has encountered explosive growth. The direct-to-consumerdrinks business has developed a cult following and its range has sold out on a few occasions, initiating a waitinglist in the thousands for its innovative line of social spirits.
In its third month in the market, Three Spirit generateda six-figure monthly revenue, and between launch and August 2021, the London-based brand experienced 11xgrowth in US sales.
“The pandemic has made self-care, food as medicine and quality connection more important than ever. Thedemand for compelling alcohol alternatives iscollidingwith wider wellness aspirations,” says Mercer.
“We areliving in a “feelings” economy. Consumers are seeking products and experiences that reduce stress, anxiety,improve sleep, boost mood, and ultimately make them feel better.The future is functional,and we are excitedto show how Three Spirit and our botanical alchemy can answer that call.”