Super Coffee, a better-for-you coffee brand that has financial backing from celebrities including Jennifer Lopez, Aaron Rodgers and Alex Rodriguez, has reportedly received another sizable infusion of cash.
Bloomberg reported Aug. 9 that the brand’s parent company, startup Kitu Life Inc., netted $106 million in its latest fundraising round, bringing Super Coffee’s market valuation to more than $500 million.
The round was reportedly led by Durable Capital Partners, with other investments coming from LivWell Ventures, Boston Beer Co. CEO Dave Burwick, 7-Eleven Inc.’s venture arm, former Anheuser-Busch president Dave Peacock, Nutrabolt CEO Doss Cunningham and former Amplify Snack Brands CFO Brian Goldberg.
Kitu Life CEO Jim DeCicco told Bloomberg that the new funding will enable the company to expand Super Coffee’s distribution and invest in national advertising and brand-building. He said Super Coffee is currently available in only 40 percent of US retail outlets.
Kitu Life describes itself as the US’ third-largest producer of bottled coffee, behind Starbucks and Dunkin’. As its flagship brand, Super Coffee’s products include ready-to-drink beverages, pods, creamers and grounds.
AB InBev is one of Kitu Life’s distribution partners, while InBev’s innovation arm, ZX Ventures, is one of its investors.