HOLY raises €10.5 million led by Left Lane Capital to become Europe's leading healthier soft drink brand
- HOLY offers a healthier, low-sugar alternative to regular soft drinks, which is also better for the planet by saving 90% of packaging waste
- Series A funding round led by global investment firm Left Lane Capital will be used to expand into new European territories including the UK, launch new products, and move into retail channels.
- Founded in 2020, HOLY already has more than 200,000 customers across four European countries, and has sold more than 10 million drinks entirely online
BERLIN, Aug. 24, 2023 /PRNewswire/ -- HOLY, the direct-to-consumer brand offering a healthier alternative to regular soft drinks, has raised a €10.5 million ($11.5 million) Series A round to scale its offering across Europe. The round was led by global venture capital firm Left Lane Capital.
Existing investors FoodLabs and Simon Capital (formerly known as Bitburger Ventures) joined the round. London-based consumer fund V3 Ventures (part of international, consumer investment company Verlinvest), plus entrepreneurs and industry experts including Just Spices co-founder Bela Seebach; YFood founders Benjamin Kremer and Noel Bollmann, and the venture arm of Hamburg-based media company OMR also participated.
HOLY has sold more than 10 million drinks since it was founded in 2020 by three best friends, Frederick Jost, Philipp Nass, and Mathias Horsch.
"We love soft drinks but incumbents are outdated, shipping sugary drinks in plastic bottles around the world. We want to do it better and solve the trade-off between great taste and good conscience," says HOLY founder and co-CEO Frederick Jost.
HOLY's powder-based soft drinks save more than 90% of packaging waste, and reduce carbon emissions compared to regular alternatives. They're healthier, too.
"With low sugar, low calories, functional ingredients like vitamins, nootropics, antioxidants and fiber, as well as natural flavors and colors, our drinks really appeal to the next generation of consumers," explains HOLY founder & CMO Philipp Nass.
Reflecting market trends that show consumers now demand healthier and more sustainable alternatives to traditional soft drinks, the company has more than 200,000 loyal customers for its HOLY Energy and HOLY Iced Tea products across Germany, France, Austria, and Switzerland.
The funding round has been described by investors as one of the most competitive consumer rounds this year, despite the current slump in DTC investment.
Jason Fiedler, Managing Partner at Left Lane Capital, says: "In the United States, we have seen the power of mission driven brands like Liquid Death and 'better for you' products like Celsius winning market share from incumbents. We identified similar characteristics in the HOLY brand and product that we believe has tremendous mass market potential and little competition in Europe."
The new round brings the total HOLY has raised to €12.3 million ($13.4 million). The funds will be used to fuel the brand's mission to become the leading healthier soft drink in Europe. This strategy includes launching new products, expanding into new territories across the continent, including the UK, and moving into retail channels.
"HOLY is currently a team of 25. Now we're looking for new talent to fuel our product, geographic, and channel expansion as we accelerate our growth across Europe," says HOLY founder & co-CEO Mathias Horsch.
About HOLY: Founded in 2020, Berlin, Germany-based HOLY offers a healthier, more sustainable alternative to traditional soft drinks. Driven by a 'better for you, better for the planet' philosophy, HOLY Energy and HOLY Iced Tea products are enjoyed by more than 200,000 customers across Germany, France, Austria, and Switzerland. The company was co-founded by Frederick Jost, Philipp Nass, and Mathias Horsch, and has raised a total of €12.3 million in investment to date. For job opportunities, please visit https://www.weareholy.com/careers
About Left Lane Capital: Founded in 2019, Left Lane Capital is a New York and London based global venture capital and growth equity firm investing in internet and technology companies with a consumer orientation. Left Lane's mission is to partner with extraordinary entrepreneurs who create category-defining companies across growth sectors of the economy, including software, healthcare, e-commerce, consumer, fintech, edtech, and other industries. Select investments include GoStudent, M1 Finance, Wayflyer, Yokoy, Masterworks, Blank Street, Talkiatry, WeTravel, and more. For more information, please visit www.leftlanecap.com.
About FoodLabs:
FoodLabs is the leading pan-European Early Stage VC investor and venture studio for food, sustainability and health. We strongly believe that entrepreneurship holds the key to pushing the boundaries in the food industry. Based in Berlin, FoodLabs has built and invested in more than 50 early-stage FoodTech companies since 2016. We're backing the most ambitious, purpose-driven entrepreneurs, who are committed to changing the world's largest industry. FoodLabs has been an early investor in some of the most seminal, fastest-growing European FoodTech startups including Infarm, Meatable, Mushlabs and Formo. Learn more: https://www.foodlabs.com/
About Simon Capital: Founded in 2018, Simon Capital is an early-stage VC fund based in Düsseldorf, Germany. The fund invests in driven founders who reshape their industries across consumption, wellbeing, and productivity. Simon Capital makes use of its broad network and expertise rooted in an entrepreneurial heritage to lift new generations of sustainable businesses. The fund follows an active portfolio approach, where capital means more than just mere money; investments so far include e.g., waterdrop, Just Spices, share, MushLabs, MicroHarvest, and Sastrify. If you are interested to learn more about Simon Capital, please visit https://simoncapital.com/ and follow them on LinkedIn.
About V3 Ventures: V3 Ventures is a consumer-focused venture capital fund, backed by international, evergreen growth investor, Verlinvest. It invests in early-stage digital consumer businesses that are building strong, purpose-driven, scalable brands across Europe, the United States, and India. Founded by successful entrepreneurs, Lopo Champalimaud and Arjun Vaidya, V3 Ventures is passionate about partnering with founders who are creating the consumer brands of tomorrow. It backs companies across consumer technology, lifestyle brands, and platforms/enablers, and its portfolio includes the likes of skincare brand, Yepoda, fresh cat food brand, Katkin, natural deodorant brand, Wild, and French supplement business, Cuure.
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