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

Cirkul Overview

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

United StatesUnited States

Status

Privately held

Customer focus

B2C

Revenue model

Product sales

Valuation

$1B (Jun 2022)

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

Cirkul valuation by funding round
DateStageValuation
Jun 2022Series C$1B
Aug 2021Series B$1B
Mar 2019Seed$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

Cirkul funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Jun 2022Series CSC.Holdings (lead); Heights; Esas Holding; Shane Neman$70M$1BCirkul 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 2021Series BAF Ventures (lead); Esas Holding; SC.Holdings; Siddhi Capital$30M$1BCirkul 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 2020Series AAF 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 2019SeedAF Ventures; Proton Enterprises$5M$24MCirkul 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

Investors in Cirkul by funding rounds participated
InvestorHQRoundsRoleFirst check
AF VenturesUnited StatesGreenwich, CT3LeadMar 2019
Esas HoldingTurkeyIstanbul2ParticipantAug 2021
SC.HoldingsUnited StatesNew York City, NY2LeadAug 2021
HeightsUnited KingdomLondon1ParticipantJun 2022
Siddhi CapitalUnited StatesCherry Hill, NJ1ParticipantAug 2021

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Cirkul Competitors

Cirkul competitors include listed companies like Scandi Standard and Toly Bread, and private ones like Califia Farms, Cometeer, Fruitist and Kopi Kenangan.

Public and private companies comparable to Cirkul
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Califia FarmsUnited StatesBakersfield, CAPrivate--$1B-
CometeerUnited StatesUnited StatesPrivate--$1B-
FruitistUnited StatesLos Angeles, CAPrivate--$1B-
Kopi KenanganIndonesiaJakartaPrivate$184M-$1B5.4x
Scandi StandardSwedenSwedenPublicly listed$1.4B$103M$1B0.8x
Toly BreadChinaChinaPublicly listed$812M$123M$997M1.4x

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 FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Scandi Standard$1.4B$103M0.9x0.8x12.3x10.3x
Toly Bread$812M$123M1.4x1.4x9.4x9.2x
AGT Food and Ingredients$59M$56M18.1x0.5x18.9x7.5x
Cobram Estate Olives$191M$7M7.1x5.8x183.3x23.6x
Grupo Herdez$2.2B$440M0.7x0.9x3.6x5.8x
Armada Gida$250M$26M4.3x-41.7x-
Princes Group$2.5B$200M0.3x0.3x3.6x3.3x
BellRing Brands$2.3B$376M0.9x0.9x5.7x7.3x

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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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