Almighty Beverages, which makes flavoured and caffeinated sparkling water and organic juices, is looking to expand its presence in Australia.
Almighty Beverages, which makes flavoured and caffeinated sparkling water and organic juices, is looking to expand its presence in Australia.
Kiwi beverage maker Almighty Beverages is embarking on a fresh capital raise as it looks to fuel growth locally and in Australia.
The company is looking to raise $3 million in capital through online investment marketplace Snowball Effect.
Almighty, which offers a range of beverages including flavoured and caffeinated sparklingwater and organic juices, has undertaken multiple private investment rounds. Around $1 million was raised from a few rounds from family and friends between 2015-2020.
Two larger rounds raised $1m in 2021 from existing shareholders and a further $1m in 2022 from new and existing shareholders.
Co-founder and managing director Ben Lenart said Almighty had developed considerably in recent years and the raise will help to accelerate the company’s growth in Australia.
“We’ve evolved from a boutique drinks company to a Kiwi supermarket staple and we’ve just secured major distribution deals across Australia,” Lenart said.
“This investment will help us build on this success and expand our presence across the ditch.”
Almighty’s investors include Australian-based music promoters and entrepreneurs Untitled Group - who run some of Australia’s biggest music festivals like Beyond the Valley and Pitch.
Several sports athletes are also among its investors, including Australian cricketer Jimmy (James) Pattinson, who represented the Aussies in the 2019 Ashes series, and Tory Dickson, a former Australian Rules player and 100-plus gamer for the AFL’s Western Bulldogs.
Almighty Beverages co-founder and managing director Ben Lenart.
Almighty is stocked in more than 1000 stores in New Zealand, including supermarket in the Woolworths NZ and Foodstuffs stables, and 350 stores in Australia. It also has a presence in Singapore.
The company recently confirmed expanded distribution and ranging with Countdown stores in New Zealand, resulting in a 50 per cent increase in store numbers.
Its market share in the New Zealand grocery sector has increased from 6 per cent to 21 per cent within 12 months.
Almighty has also secured a deal in Australia including a partnership with premium milk producer Riverina Fresh to supply thousands of hospitality accounts across New South Wales and Victoria, with more in the pipeline.
Lenart — who is one of four co-founders along with his sister Tess — said these major partnerships would impact Almighty’s growth significantly with more on-the-ground resource than other distributors.
“These partnerships are a game changer for Almighty. We expect to get some huge gains and connect faster with many more Australian consumers who are thirsty for Almighty’s delicious and healthy alternatives,” Lenart said.
Almighty has projected revenue of close to $10m by 2025.
Snowball Effect chief executive Simeon Burnett said Almighty has proven its business model in New Zealand and is set to ramp up its growth across Australasia.
“Almighty is a market leader in one of the most exciting categories in FMCG [fast-moving consumable goods] – healthy and functional beverages,” he said.
“They have set a solid foundation in food service and independent retailers in Australia and are on the path to entering into major retail channels there in the next 12-24 months.”
In the first quarter of 2023, Snowball Effect helped facilitate the $2.35m capital raise of craft beer brand Parrotdog, and the $3.9m raised by Manuka Bioscience.
As part of Almighty’s offerings, the beverage maker recently released a new pear-flavoured sparkling water.
The new drink features the common Williams pear variety, renowned for its natural sweetness.
It is also the first product in Almighty’s line-up to feature the B Corp logo on its packaging, since receiving its certification.
“We’ve been proudly B-Corp certified since early 2022 and we’re stoked to have the logo for the first time on our new Pear cans,” Lenart said.
Lenart said the emblem showed Almighty’s dedication to sustainable practices and their role as a socially responsible business.
Almighty claims to only use recyclable packaging that is often made from recycled packaging.
Cameron Smith is an Auckland-based journalist with the Herald business team. He joined the Herald in 2015 and has covered business and sports.
