Athletic Brewing Revenue, Valuation, Funding & Investors

Athletic Brewing is valued at $800M as of July 2024, a 8.9x multiple on its last reported $90M revenue.

Last Athletic Brewing valuation

$800M

Undisclosed stage · Jul 2024

Last Athletic Brewing funding round

Undisclosed stage

Amount undisclosed · Sep 2026

Athletic Brewing revenue

$90M

Undisclosed stage · Jul 2024

Key investors in Athletic Brewing

  • David Chang
  • Alliance Consumer Growth
  • Wheelhouse 360 Partners
  • Blake Mycoskie
  • Lance Armstrong
  • TRB Advisors

Athletic Brewing Overview

About Athletic Brewing

Athletic Brewing is a Stratford, Connecticut-headquartered craft brewery producing non-alcoholic beers using natural ingredients and traditional brewing methods. The company offers varieties like Run Wild IPA and Upside Dawn Golden Ale distributed in all 50 US states and select international markets. Athletic Brewing operates a 100,000-barrel production facility in Connecticut with additional brewing in San Diego. Founded in 2017 by Bill Shufelt and John Walker, it leads the NA beer category with millions of cans sold annually.


Founded

2017

HQ

United StatesBoston, MA

Status

Privately held

Customer focus

B2B

Revenue model

Product sales

Revenue

$90M (Jul 2024)

Valuation

$800M (Jul 2024)

Athletic Brewing Valuation

Athletic Brewing is currently valued at $800M, based on its undisclosed-stage round in July 2024.

The $68M round was led by General Atlantic.

Athletic Brewing's valuation has moved from $800M at its Series A in March 2023 to $800M in July 2024, across 2 priced rounds.

Athletic Brewing valuation by funding round

Revenue multiple
Athletic Brewing valuation by funding round
DateStageValuationRevenue Multiple
Jul 2024Undisclosed stage$800M8.9x
Mar 2023Series A$800M8.9x

Athletic Brewing Revenue

Athletic Brewing's latest recorded revenue is $90M, as of its undisclosed-stage round in July 2024. At a $800M valuation, that implies a 8.9x revenue multiple.

Revenue moved from $90M in March 2023 to $90M in July 2024, while the revenue multiple moved from 8.9x to 8.9x.

Athletic Brewing revenue by funding round

Athletic Brewing revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
Jul 2024$90M$800M8.9xUndisclosed stage
Mar 2023$90M$800M8.9xSeries A

* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.

Athletic Brewing Funding History

Athletic Brewing has raised a total of $249M across 10 funding rounds.

Athletic Brewing's first fundraising round was a $300K seed round in August 2017. The most recent completed round was a undisclosed-stage round in September 2026.

Athletic Brewing funding rounds

Athletic Brewing funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Sep 2026Undisclosed stageDak Prescott (lead)---
Jul 2024Undisclosed stageGeneral Atlantic (lead)$68M$800MAthletic Brewing Company is America's largest non-alcoholic brewery, producing award-winning non-alcoholic craft beers available at over 50,000 retailers and 25,000 on-premise venues nationwide. Ranked by the Brewers Association as the 10th largest U.S. craft brewery and 20th largest overall U.S. brewing company, it holds over 19% market share in non-alcoholic beer and drives 32% of category growth, with dollar sales growing more than 60%. In July 2024, Athletic closed a $50 million equity financing round led by General Atlantic, with participation from existing investors including Keurig Dr Pepper, which had invested $50 million in 2022. The round values the company at $800 million post-money, roughly double its valuation from two years prior, and General Atlantic assumed a seat on the Board of Managers. Some sources reference a $68 million total raised, but official announcements confirm $50 million equity. Proceeds will fuel long-term growth, including the purchase and renovation of a third U.S. brewing facility in San Diego (formerly Ballast Point), expected to double U.S. brewing capacity upon completion within 18 months. The company operates facilities in Connecticut and California and is expanding distribution globally to meet rising demand for non-alcoholic beer. Athletic, a Certified B Corporation, donates up to $2 million annually to outdoor conservation via its Two For The Trails program. Launched in 2018, it has raised over $300 million total across multiple rounds and produced 258,000 barrels last year, positioning it as a leader in the rapidly growing non-alcoholic beer market.
Mar 2023Series A-$9M$800MAthletic Brewing Company, America's largest non-alcoholic brewery founded in 2018, closed a $50 million equity financing round in March 2023 led by General Atlantic with participation from existing investors including Keurig Dr Pepper. The round valued the company at $800 million post-money, doubling its valuation from the prior 2022 round. Proceeds will fund expansion including acquisition and renovation of a third U.S. brewing facility in San Diego to double production capacity, plus retail growth. Athletic generated $90 million in revenue in 2023, producing over 258,000 barrels of beer, up dramatically from 875 barrels in 2018. It ranks as the 10th largest U.S. craft brewery and 20th overall U.S. brewery by volume, holding over 19% market share in non-alcoholic beer and driving 32% of category growth with dollar sales up more than 60%. The company pioneered a proprietary brewing method for fully fermented non-alcoholic beers under 0.5% ABV, available at over 50,000 retailers and 25,000 on-premise venues nationwide. Athletic is a Certified B Corporation donating up to $2 million annually to outdoor conservation via its Two For The Trails program.
Nov 2022Series DKeurig Dr Pepper (lead); David Chang; Naomi Osaka; Lance Armstrong; JJ Watt; Alliance Consumer Growth; TRB Advisors$76M-Athletic Brewing Company is America's leading non-alcoholic craft beer maker, founded on the mission to serve the growing segment of consumers seeking to moderate but not eliminate alcohol consumption. The company's portfolio includes over 40 brews, with flagship products like Free Wave IPA and Run Wild IPA earning numerous brewing awards including Gold and Silver medals at the 2022 US Open of Beer Championships. In November 2022, Athletic Brewing closed a $50 million investment led by Keurig Dr Pepper, with co-investors including TRB Advisors and Alliance Consumer Growth, giving KDP a seat on the company's board. The non-alcoholic beer segment was experiencing strong growth, with the overall category up almost 20% in retail dollars year-over-year, while Athletic Brewing held a dominant 55% market share in the craft segment. While the November 2022 round's post-money valuation was not publicly disclosed, a subsequent $50 million funding round in July 2024 led by General Atlantic valued the company at $800 million. By 2024, Athletic Brewing had generated over $90 million in sales and sold more than 258,000 barrels, establishing itself as a top-20 U.S. brewery by volume with approximately 20% of the U.S. non-alcoholic beer market.
Oct 2021Undisclosed stage-$25M-Athletic Brewing Company, founded in 2017 and based in Milford, Connecticut, is America's largest non-alcoholic brewery, specializing in craft non-alcoholic beers targeting consumers seeking to reduce alcohol intake without eliminating it. The company produces a portfolio of over 15 beer styles using a differentiated brewing process for superior taste, operating facilities in Milford, Connecticut, and San Diego, California, with plans for expansion including a second San Diego site acquired from Ballast Point to double U.S. production capacity. It has raised over $300M in total funding across multiple rounds from investors like Alliance Consumer Growth, TRB Advisors, and General Atlantic. In October 2021, Athletic Brewing raised $25M in a venture round to expand production and distribution capabilities, but valuation was not publicly disclosed. This followed a $50M Series C in May 2021 led by Alliance Consumer Growth and TRB Advisors for growth including a third U.S. brewing facility and product expansion. Earlier rounds included seed, Series A, and Series B, with consistent investor updates aiding fundraising transitions to institutional capital for Series C. Later developments include a $9.1M venture round in March 2023 and a $68M (or $50M equity) round in July 2024 led by General Atlantic at $800M valuation to fuel growth amid rising non-alcoholic beer demand. By mid-2024, Athletic held 19% U.S. non-alcoholic beer market share, drove 32% category growth, produced 258K barrels to rank top-20 U.S. brewers by volume, with 60% YTD sales growth through June, and became the top beer by volume in Whole Foods. A YouTube discussion notes progression to $90M revenue in five years, though undated. No specific revenue, ARR, or EBITDA figures near the 2021 round; a $70M annual revenue estimate appears without timeframe.
May 2021Series CAlliance Consumer Growth (lead); TRB Advisors (lead); David Chang; Lance Armstrong; JJ Watt; Tastemaker Capital; Benevolent Capital; Justin Tuck; Wheelhouse 360 Partners; Darren Rovell; Blake Mycoskie$50M-Athletic Brewing Company produces non-alcoholic craft beer targeting active adults seeking high-quality beer without alcohol. Founded in 2018, it operates brewing facilities in Milford, Connecticut, and San Diego, California, including a former Ballast Point site acquired for expansion. The company leads the U.S. non-alcoholic beer market, controlling about 45-50% share in a $328.6 million category as of 2021. In May 2021, Athletic closed a $50 million Series C equity financing round led by existing investors Alliance Consumer Growth and TRB Advisors, with participation from celebrities and athletes like Blake Mycoskie (Toms founder), Lance Armstrong, JJ Watt, Justin Tuck, Darren Rovell (Tastemaker Capital), and David Chang. The funds supported long-term growth, including purchasing a third U.S. brewing facility, expanding production capacity, team growth, and retailer distribution. Cumulative VC funding reached about $70M by mid-2021. The company outgrew its initial 10,000 sq ft Connecticut facility in 10 months and expanded to a 150,000 sq ft San Diego site in 2020. It later launched DayPack hoppy sparkling water. A 2024 $50M round led by General Atlantic valued the company at $800M, with total funding over $300M.
Mar 2020Series BTastemaker Capital; Wheelhouse 360 Partners; Blake Mycoskie$18M-Athletic Brewing Company, founded in 2018 by Bill Shufelt and John Walker, produces non-alcoholic craft beers targeting craft beer enthusiasts seeking quality options without alcohol. The company rapidly expanded from its Connecticut base, outgrowing its initial 12,000-barrel capacity brewery. In March 2020, Athletic Brewing closed a $17.5 million Series B funding round with investors including Blake Mycoskie, Tastemaker Capital Partners, Wheelhouse 360 Partners, Wheelhouse Investment Partners, the family office of Timothy Barakett, and others, bringing total funding over $20 million. Proceeds funded acquisition of an 80,000-square-foot San Diego brewery previously occupied by Ballast Point, addition of a high-speed canning line, team expansion, marketing, and distribution into states like California and Texas. Production hit 10,000 barrels in 2019 with shipments projected to double to 20,000 barrels post-expansion, and revenue reached $15 million in 2020 after $2.5 million in 2019. This round positioned Athletic amid rising demand for non-alcoholic brews, contrasting flat traditional craft beer sales where 300 U.S. breweries closed in 2019. The company planned San Diego operations to start in May 2020, enabling coast-to-coast production.
Dec 2019Seed-$3M--
Sep 2018Seed-$500K--
Aug 2017Seed-$300K--

Who has invested in Athletic Brewing?

15 investors have backed Athletic Brewing across its funding rounds, including David Chang, Alliance Consumer Growth, Wheelhouse 360 Partners, Blake Mycoskie, Lance Armstrong and TRB Advisors.

Lead investors include Dak Prescott, General Atlantic, Keurig Dr Pepper, Alliance Consumer Growth and TRB Advisors.


Athletic Brewing Investors

Investors in Athletic Brewing by funding rounds participated
InvestorHQRoundsRoleFirst check
David ChangUnited StatesBoston, MA2ParticipantMay 2021
Lance ArmstrongUnited StatesAspen, CO2ParticipantMay 2021
JJ WattUnited StatesUnited States2ParticipantMay 2021
Tastemaker CapitalUnited StatesUnited States2ParticipantMar 2020
Alliance Consumer GrowthUnited StatesNew York City, NY2LeadMay 2021
TRB AdvisorsUnited StatesNew York City, NY2LeadMay 2021
Wheelhouse 360 PartnersUnited StatesNew York City, NY2ParticipantMar 2020
Blake MycoskieUnited StatesLos Angeles, CA2ParticipantMar 2020
Naomi OsakaUnited StatesUnited States1ParticipantNov 2022
Benevolent CapitalUnited StatesUnited States1ParticipantMay 2021
General AtlanticUnited StatesNew York City, NY1LeadJul 2024
Justin TuckUnited StatesNew York City, NY1ParticipantMay 2021
Darren RovellUnited StatesNew York City, NY1ParticipantMay 2021

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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples

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Athletic Brewing Competitors

Athletic Brewing competitors include listed companies like Standard Foods, Acomo, Neto Malinda Trading and Frosta, and private ones like Carlsberg Marston's and GOOD Meat.

Public and private companies comparable to Athletic Brewing
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Carlsberg Marston'sUnited KingdomWolverhamptonPrivate-$118M$1.7B-
GOOD MeatUnited StatesSan Francisco, CAPrivate--$800M-
Standard FoodsTaiwanTaiwanPublicly listed$875M$67M$804M-
AcomoNetherlandsNetherlandsPublicly listed$1.7B$147M$795M0.7x
Neto Malinda TradingIsraelIsraelPublicly listed$1.7B$123M$790M-
FrostaGermanyGermanyPublicly listed$785M$81M$811M-

Athletic Brewing Public Comps

Athletic Brewing is still privately-owned, but its public comps include Standard Foods, Acomo, Neto Malinda Trading, Frosta, John B. Sanfilippo & Son, Agrana Beteiligungs, Efor Cay, Olvi, Atlantic Grupa and Yantai Shuangta Food.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Standard Foods$875M$67M0.8x-11.1x-
Acomo$1.7B$147M0.7x0.7x8.3x8.7x
Neto Malinda Trading$1.7B$123M0.5x-7.4x-
Frosta$785M$81M0.9x-8.9x-
John B. Sanfilippo & Son$1.2B$119M0.8x0.8x7.5x7.6x
Agrana Beteiligungs$3.7B$120M0.4x0.4x11.9x6.2x
Efor Cay$253M$12M3.4x-71.8x-
Olvi$766M$125M1.1x1.0x6.9x6.3x

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Common questions about Athletic Brewing

When was Athletic Brewing founded?Athletic Brewing was founded in 2017.
Where is Athletic Brewing headquartered?Athletic Brewing is headquartered in Boston, MA, United States.
Is Athletic Brewing publicly listed?No, Athletic Brewing is a private, VC-backed company.
What is Athletic Brewing's valuation?Athletic Brewing was last valued at $800M in its undisclosed-stage round in July 2024.
How much funding has Athletic Brewing raised?Athletic Brewing has raised $249M across 10 funding rounds.
What was Athletic Brewing's last funding round?Athletic Brewing's last funding round was a undisclosed-stage round in September 2026, led by Dak Prescott.
Who are Athletic Brewing's investors?Athletic Brewing's investors include David Chang, Lance Armstrong, JJ Watt, Tastemaker Capital, Alliance Consumer Growth, TRB Advisors, Wheelhouse 360 Partners, Blake Mycoskie, Naomi Osaka, Benevolent Capital and 5 others.
What is Athletic Brewing's revenue?Athletic Brewing's latest recorded revenue is $90M (July 2024).
What is Athletic Brewing's revenue multiple?Athletic Brewing's latest valuation implies a 8.9x revenue multiple ($800M valuation on $90M of revenue).
Which companies are comparable to Athletic Brewing?Companies comparable to Athletic Brewing include Carlsberg Marston's, GOOD Meat, Standard Foods, Acomo, Neto Malinda Trading and Frosta.

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