NEW YORK, July 2, 2019 /PRNewswire/ -- Rising CBD-infused beverage company Sweet Reason Beverage Co. has raised $2.5M to complete its seed investment round, as announced today by the New York-based company.
New York venture capital firm Lerer Hippeau led the funding round with participation from RiverPark Ventures (Spindrift, Cargo), Max Ventures (Boxed), and Subversive Capital, a premier cannabis investor via Privateer Holdings, alongside a strategic group of angel investors. Lerer Hippeau has invested in some of the most high-profile consumer brands of today, including Glossier, Warby Parker, Allbirds, Casper and Soylent.
Launched in December 2018, Sweet Reason's initial success has come from a relentless focus on creating the best tasting and highest quality CBD beverage on the market. The women-owned and operated beverage company offers the cleanest CBD beverage available, and has deeply resonated with investors and consumers alike. Poised to become the leading hemp and cannabis beverage business in North America, Sweet Reason is currently available in over 200 New York and online retailers including Dean & Deluca, Westside Market, City Acres, Standard Dose, Inscape, and more. This new capital infusion will support company growth efforts through building a best in class sales team, growing brand awareness and creating a community of health-forward consumers.
Founder and CEO Hilary McCain drew upon her experience at the Boston Consulting Group, Maple Leaf Foods, Chobani, and Harvard Business School along with a strong network of food, beverage and cannabis advisors. Sweet Reason is a refreshing, naturally flavored sparkling water infused with a highly bioavailable, water-soluble CBD that is CO2-extracted from organic Colorado hemp. Representing a new paradigm in the CBD beverage space, Sweet Reason is purposefully formulated for consumers to experience the health benefits of CBD without the detrimental effects of sugar. Each 12 oz bottle contains no sugar, sweeteners, sodium, carbohydrates or artificial ingredients and is just five calories.
"Sweet Reason's mission is to be the leading hemp and cannabis beverage company in North America. We are thrilled to have completed our first capital raise, led by Lerer Hippeau," shared McCain. "We have an incredible group of investors with deep consumer, cannabis and food industry expertise, which will help Sweet Reason bring the highest quality and best tasting CBD beverages to consumers across North America."
"With Sweet Reason, we're betting on a team that's laser-focused on delivering superior quality and building a best-in-class brand," says Lerer Hippeau's Caitlin Strandberg. "Hilary's deep domain expertise in the food industry as well as her passion for health and wellness will accelerate Sweet Reason into a category leader."
"RiverPark Ventures has been evaluating the CBD category for the last few years and believes that beverage will be a leading delivery channel," said Managing Partner Andy Appelbaum. "Sweet Reason has created a premium quality, natural product that consumers love. Hilary McCain is the perfect entrepreneur to tackle this new and growing category."
Michael Auerbach, GP of Subversive Capital and leading cannabis investor, offered, "We believe Sweet Reason will emerge as one of the leading CBD-infused beverage brands in this rapidly developing space. Sweet Reason's drinks are high quality, delicious, precisely dosed, and made from safe, tested, federally legal hemp-derived CBD."
Sweet Reason offers three unique and refreshing flavors - Grapefruit, Cucumber Mint, and Strawberry Lavender (MSRP $5.99). For more information on Sweet Reason, please visit drinksweetreason.com and follow on Instagram @drinksweetreason. For wholesale inquiries, please email firstname.lastname@example.org
ABOUT SWEET REASON
Sweet Reason is a hemp and cannabis beverage company that launched with three naturally flavored, CBD-infused sparkling waters made in the USA. The beverages include a highly-researched and unique form of CO2-extracted CBD from Colorado organic hemp that maximizes bioavailability. Sweet Reason believes that hemp is a natural friend of human happiness and that beverages are the perfect way to enjoy the powerful health benefits of hemp CBD, without reservation. Sweet Reason is dedicated to mental health research and awareness, and donates 1% of sales to mental health initiatives.
SOURCE Sweet Reason