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- Cirkul
Cirkul Valuation, Funding & Investors
Cirkul is valued at $1B as of June 2022.
Last Cirkul valuation
$1B
Series C · Jun 2022
Last Cirkul funding round
$70M
Series C · Jun 2022
Cumulative funding Cirkul raised
$112M
across 4 funding rounds
Key investors in Cirkul
AF Ventures
SC.Holdings
Esas Holding
Siddhi Capital
Shane Neman
Proton Enterprises
About Cirkul
Cirkul is a Tampa-based beverage company, founded in 2018 by Garrett Waggoner and Andy Gay, that makes reusable water bottles paired with more than 50 patented flavor cartridges made from all-natural ingredients with zero calories, sugar, colors, or dyes. The products are designed to encourage hydration while cutting down on single-use plastic, and are sold through retailers such as Walmart and Bed Bath & Beyond as well as direct to consumers online. Cirkul built its own US-based manufacturing and digital-first distribution model to support the brand's rapid growth.
Founded
2015
HQ
Website
Status
Privately held
Customer focus
B2C
Revenue model
Product sales
Valuation
$1B (Jun 2022)
Sectors
Cirkul Valuation
Cirkul is currently valued at $1B, based on its Series C in June 2022.
The $70M round was led by SC.Holdings, with participation from Heights, Esas Holding and Shane Neman.
Cirkul's valuation has grown 42x from $24M at its seed round in March 2019 to $1B in June 2022, across 3 priced rounds.
Cirkul valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Jun 2022 | Series C | $1B |
| Aug 2021 | Series B | $1B |
| Mar 2019 | Seed | $24M |
Cirkul Funding History
Cirkul has raised a total of $112M across 4 funding rounds.
Cirkul's first fundraising round was a $5M seed round in March 2019. The most recent completed round was a $70M Series C in June 2022.
Cirkul funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jun 2022 | Series C | SC.Holdings (lead); Heights; Esas Holding; Shane Neman | $70M | $1B | Cirkul is a Tampa-based beverage company founded in 2018 by Garrett Waggoner and Andy Gay, producing reusable water bottles and over 50 patented flavor cartridges using all-natural ingredients with zero calories, sugar, colors, or dyes. The product helps consumers reduce plastic waste and went viral on TikTok with over 1 billion video views. Products are sold at Walmart across 4,200 US stores, Bed Bath & Beyond, and direct-to-consumer channels. On June 13, 2022, Cirkul closed a $70 million Series C funding round led by SC Holdings, with participation from investors including Esas Holding, Heights Capital, and Shane Neman, reaching a $1 billion valuation. The round brings total funding to over $111 million across 9 rounds. SC Holdings, a New York private equity firm, had previously invested in Cirkul's Series A-II and Series B rounds. Cirkul reported over 150% year-over-year growth since launch and profitability for the past two years prior to the round, with more than 500 employees. CEO Garrett Waggoner highlighted strong sales velocities at retail partners and DTC. Managing Partner Dan Haimovic of SC Holdings praised the innovative product, cultural relevance, omnichannel strategy, capital efficiency, and growth. The funding aims to capitalize on customer demand amid shifts toward healthier, sustainable beverages without sacrificing convenience or flavor. |
| Aug 2021 | Series B | AF Ventures (lead); Esas Holding; SC.Holdings; Siddhi Capital | $30M | $1B | Cirkul is a direct-to-consumer beverage brand that manufactures reusable water bottles and flavor cartridge systems designed to encourage consumers to drink more water with customizable flavoring options. The company was founded in 2016 with an end-to-end US-based manufacturing model and digital-first distribution strategy. In August 2021, Cirkul completed a Series B funding round of $30 million led by AF Ventures, alongside other investors including SC.Holdings and Siddhi Capital. The funding was intended to accelerate growth and focus on product innovation. The company raised a total of $111.72 million across nine funding rounds from 2019 through June 2022. Cirkul achieved unicorn status in June 2022 with a post-money valuation of $1 billion during its Series C round led by SC.Holdings, which raised an additional $70 million. By 2022, the company had established itself as a leader in the CPG space, had 501-1000 employees, and generated approximately $37.5 million in annual revenue. |
| Sep 2020 | Series A | AF Ventures | $7M | - | Cirkul raised $6.7 million in a venture round in September 2020. AF Ventures is listed among its investors. The round supported initial market entry and product development. Cirkul develops innovative beverage solutions, including flavored water cartridges and reusable water bottles, to promote hydration with nutritious, zero-calorie, zero-sugar options. The company is headquartered in Tampa, Florida. Cirkul conducted subsequent rounds, including a $30 million Series B in 2021 led by AF Ventures and a $70 million Series C in June 2022 led by SC.Holdings, reaching a $1 billion valuation at that time. |
| Mar 2019 | Seed | AF Ventures; Proton Enterprises | $5M | $24M | Cirkul completed a Series Seed funding round on March 12, 2019, raising $1.74 million led by AF Ventures and Proton Enterprises at a post-money valuation of $23.84 million. The company develops reusable water bottles with flavored cartridges designed to encourage healthier hydration. This early-stage investment supported initial product development and market entry for its innovative beverage system. |
Who has invested in Cirkul?
7 investors have backed Cirkul across its funding rounds, including AF Ventures, SC.Holdings, Esas Holding, Siddhi Capital, Shane Neman and Proton Enterprises.
Lead investors include SC.Holdings and AF Ventures.
Cirkul Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 3 | Lead | Mar 2019 | ||
| 2 | Participant | Aug 2021 | ||
| 2 | Lead | Aug 2021 | ||
| 1 | Participant | Jun 2022 | ||
| 1 | Participant | Aug 2021 | ||
This data is available for Pro users. Sign up to see all 7 Cirkul investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialCirkul Competitors
Cirkul competitors include listed companies like Scandi Standard and Toly Bread, and private ones like Califia Farms, Cometeer, Fruitist and Kopi Kenangan.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $1B | - | ||
| Private | - | - | $1B | - | ||
| Private | - | - | $1B | - | ||
| Private | $184M | - | $1B | 5.4x | ||
| Publicly listed | $1.4B | $103M | $1B | 0.8x | ||
| Publicly listed | $812M | $123M | $997M | 1.4x |
Cirkul Public Comps
Cirkul is still privately-owned, but its public comps include Scandi Standard, Toly Bread, AGT Food and Ingredients, Cobram Estate Olives, Grupo Herdez, Armada Gida, Princes Group, BellRing Brands, Isfelag and Orion Holdings.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $1.4B | $103M | 0.9x | 0.8x | 12.3x | 10.3x | |||
| $812M | $123M | 1.4x | 1.4x | 9.4x | 9.2x | |||
| $59M | $56M | 18.1x | 0.5x | 18.9x | 7.5x | |||
| $191M | $7M | 7.1x | 5.8x | 183.3x | 23.6x | |||
| $2.2B | $440M | 0.7x | 0.9x | 3.6x | 5.8x | |||
| $250M | $26M | 4.3x | - | 41.7x | - | |||
| $2.5B | $200M | 0.3x | 0.3x | 3.6x | 3.3x | |||
| $2.3B | $376M | 0.9x | 0.9x | 5.7x | 7.3x | |||
This data is available for Pro users. Sign up to see all Cirkul competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Cirkul
| When was Cirkul founded? | Cirkul was founded in 2015. |
| Where is Cirkul headquartered? | Cirkul is headquartered in United States. |
| Is Cirkul publicly listed? | No, Cirkul is a private, VC-backed company. |
| What is Cirkul's valuation? | Cirkul was last valued at $1B in its Series C in June 2022. |
| How much funding has Cirkul raised? | Cirkul has raised $112M across 4 funding rounds. |
| What was Cirkul's last funding round? | Cirkul's last funding round was a $70M Series C in June 2022, led by SC.Holdings. |
| Who are Cirkul's investors? | Cirkul's investors include AF Ventures, Esas Holding, SC.Holdings, Heights, Siddhi Capital, Proton Enterprises and Shane Neman. |
| Which companies are comparable to Cirkul? | Companies comparable to Cirkul include Califia Farms, Cometeer, Fruitist, Kopi Kenangan, Scandi Standard and Toly Bread. |
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