Genki Forest Revenue, Valuation, Funding & Investors

Genki Forest is valued at $15B as of November 2021, a 35.4x revenue multiple. Genki Forest revenue was $423M, as disclosed with its latest round.

Last Genki Forest valuation

$15B

Undisclosed stage · Nov 2021

Last Genki Forest funding round

$200M

Undisclosed stage · Nov 2021

Genki Forest revenue

$423M

Undisclosed stage · Nov 2021

Key investors in Genki Forest

Genki Forest Overview

About Genki Forest

Genki Forest is a beverage company producing sugar-free sparkling water, sodas, and teas using erythritol and stevia sweeteners. China-headquartered, it distributes zero-calorie drinks through e-commerce and retail channels nationwide. The brand expanded into energy drinks and coffee alternatives.


Founded

2016

HQ

ChinaBeijing

Status

Privately held

Customer focus

B2C

Revenue model

Product sales

Revenue

$423M (Nov 2021)

Valuation

$15B (Nov 2021)

Genki Forest Valuation

Genki Forest is currently valued at $15B, based on its undisclosed-stage round in November 2021. Read the announcement ↗

The $200M round was led by Temasek, with participation from Warburg Pincus and HSG.

Genki Forest's valuation has grown 27x from $564M at its Series B in October 2019 to $15B in November 2021, across 4 priced rounds.

Genki Forest valuation by funding round

Revenue multiple
Genki Forest valuation by funding round
DateStageValuationRevenue Multiple
Nov 2021Undisclosed stage$15B35.4x
Mar 2021Series C$6B15.4x
Jul 2020Undisclosed stage$2B-
Oct 2019Series B$564M-

Genki Forest Revenue

Genki Forest's latest recorded revenue is $423M, as of its undisclosed-stage round in November 2021. At a $15B valuation, that implies a 35.4x revenue multiple.

Revenue grew from $390M in March 2021 to $423M in November 2021, while the revenue multiple moved from 15.4x to 35.4x.

Genki Forest revenue by funding round

Genki Forest revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
Nov 2021$423M$15B35.4xUndisclosed stage
Mar 2021$390M$6B15.4xSeries C

* 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.

Genki Forest Funding History

Genki Forest has raised a total of $721M across 4 funding rounds.

Genki Forest's first fundraising round was a $21M Series B in October 2019. The most recent completed round was a $200M undisclosed-stage round in November 2021.

Genki Forest funding rounds

Genki Forest funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Nov 2021Undisclosed stageTemasek (lead); Warburg Pincus; HSG$200M$15BGenki Forest, a leading Chinese sugar-free beverage company founded in 2016, specializes in low-calorie drinks and has expanded into categories like meat products, snacks, coffee, and alcohol through investments and acquisitions. The company positions itself as a tech-driven beverage firm, emphasizing rapid product iteration, R&D, and self-built factories in regions like Chuzhou, Tianjin, and Guangdong to meet quality demands and support innovation. By 2021, its products were available in major Chinese cities and exported to the US, Singapore, and New Zealand. In November 2021, Genki Forest was set to close a financing round of nearly $200 million led by Temasek, with participation from Sequoia Capital China and Warburg Pincus (noted as HSG in query), pushing its post-money valuation to $15 billion. This followed an earlier 2021 round in April where it raised $500 million from Sequoia China, Warburg Pincus, L Catterton, Temasek, and others at a $6 billion valuation, tripling from the prior $2 billion mark. The new funds were earmarked for R&D, factory investments, and overseas expansion, with negotiations starting from a $12 billion base but Temasek securing the higher $15 billion figure just three months after the previous round. Genki Forest demonstrated strong growth traction: sales volumes reached 160 million RMB in 2018, 870 million RMB in 2019, and 2.4 billion RMB in 2020, with 2021 targets of 7.5 billion RMB offline and 800 million RMB online (approximately $1.15 billion USD total). In 2020, annual sales hit RMB 2.9 billion (USD 440 million), far behind incumbents like Nongfu Spring's RMB 24 billion but capturing share in China's $192 billion beverage market. R&D spending was planned to triple in 2021, with 95% of products yet to launch, underscoring ambitions for a 'big year' amid marketing pushes like sponsoring Bilibili's New Year's Gala.
Mar 2021Series CHSG (lead); L Catterton (lead); Warburg Pincus (lead); Temasek; Longfor Group Holdings; Gaorong Capital$500M$6BGenki Forest, founded in 2016 by serial entrepreneur Tan Binsen, is a Chinese beverage startup specializing in sweetened and flavored sparkling water marketed as a healthier, zero-sugar, zero-calorie, zero-fat alternative. The company achieved rapid growth despite the COVID-19 pandemic, with annual sales increasing from US$25 million in 2018 to US$390 million in 2020, outperforming peers like Nongfu Spring whose revenue declined by 5% that year. It allocates up to 30% of sales revenue to marketing and advertising to build brand awareness and launches new products every 3 to 6 months. Offline sales now dominate revenue, while e-commerce accounts for nearly 20% of total sales, four times higher than mainstream brands. In 2021, Genki Forest reached a stock valuation of US$6 billion, up from US$1 billion in 2019. Revenue grew significantly to approximately 7.02 billion yuan (about $1.1 billion) in 2021, representing 2.6 times the 2020 figure of 2.7 billion yuan ($423.8 million). The company expanded its dealer network to over 1,000 partners (double from 2020) and offline terminals exceeded 1 million across more than 800 cities, including growing acceptance in rural markets for healthy, sugar-free products. Genki Forest invested in self-built factories and strict supply chain management to address production pressures, shifting toward a traditional beverage enterprise structure. By Q1 2022, revenue increased 50% year-on-year.
Jul 2020Undisclosed stageHSG (lead); Genesis Capital (lead)-$2BIn July 2020 Genki Forest (Yuanqi Senlin), the Beijing sugar-free sparkling water and tea brand founded by Tang Binsen in 2016, completed a new financing round led by Sequoia Capital China and Genesis Capital at a post-money valuation of around US$2 billion, according to reports by 36Kr, KrASIA and EqualOcean; the company declined to comment and the amount raised was not disclosed. The valuation was about 3.5 times the RMB 4 billion (US$571 million) at which the company had raised its RMB 150 million Series B from Longfor Capital, Black Ant Capital and Gaorong Capital only nine months earlier, in October 2019. Genki Forest's "zero sugar, zero fat, zero calorie" drinks had become a hit with young Chinese consumers: sales in the first five months of 2020 reached RMB 260 million, more than the whole of 2018, and its products were stocked in nearly 200,000 offline stores across 30 provinces. Until then all production had been outsourced, and the new capital was earmarked for three self-built production bases to relieve capacity constraints. The round was followed by a US$500 million raise at a US$6 billion valuation in March 2021 led by Sequoia China, Warburg Pincus and L Catterton, and by a further round led by Temasek at a US$15 billion valuation in November 2021.
Oct 2019Series BLongfor Group Holdings; Gaorong Capital; BA Capital$21M$564MGenki Forest (元气森林) is a Chinese sparkling water and low-sugar beverage brand that emerged as one of China's fastest-growing consumer brands. The company manufactures healthy, low-calorie drinks marketed primarily to Gen-Z and Millennial consumers. By 2019, Genki Forest's sales in Shanghai reached 67% of Coca-Cola's market share, rising to 92% by 2020. The company reported revenue of 2.7 billion yuan in 2020 and approximately 7.02 billion yuan in 2021, representing significant year-over-year growth. In July 2021, Genki Forest completed a funding round at a post-money valuation of $2 billion, more than tripling its valuation from approximately nine months prior. The company had shifted from a light-asset model to a heavy-asset model beginning in 2019, constructing multiple factories across China to support production; by 2021, it operated six self-built factories with combined annual production capacity exceeding 5 billion bottles.

Who has invested in Genki Forest?

8 investors have backed Genki Forest across its funding rounds, including HSG, Temasek, Warburg Pincus, Gaorong Capital, Longfor Group Holdings and L Catterton.

Lead investors include Temasek, HSG, L Catterton, Warburg Pincus and Genesis Capital.


Genki Forest Investors

Investors in Genki Forest by funding rounds participated
InvestorHQRoundsRoleFirst check
HSGHong KongHong Kong3LeadJul 2020
TemasekSingaporeSingapore2LeadMar 2021
Longfor Group HoldingsChinaChina2ParticipantOct 2019
Gaorong CapitalChinaBeijing2ParticipantOct 2019
Warburg PincusUnited StatesNew York City, NY2LeadMar 2021
L CattertonUnited StatesGreenwich, CT1LeadMar 2021

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Investments by Genki Forest

Genki Forest has invested in 2 companies to date.

Latest investment by Genki Forest was on July 8th 2022. Genki Forest invested in Insight Technology in their $15M Series A round.


Latest Investments by Genki Forest

Insight Technology
Guanyun Liquor
Description
Insight Technology is a Beijing-based data intelligence platform leveraging secure multi-party computation and federated learning. The company enables privacy-preserving data collaboration for government, finance, and healthcare sectors. Its core product INSIGHTONE integrates blockchain for compliant data sharing and AI applications. Incubated by China Chengxin Credit Management, it has secured investments from Xinyuan Capital. The firm breaks data silos for clients processing sensitive information across industries in China.
Guanyun Liquor is a Chinese distiller specializing in high-purity baijiu produced through traditional brewing methods without non-brewing food additives. Lianyungang-headquartered, the company employs advanced filtration technology to eliminate fusel oils, resulting in a clear, refreshing taste that minimizes hangovers, headaches, and dry mouth. Guanyun sources water from local mountains and grains from Jiangsu province farms to craft its core products, including classic clear liquors aged in ceramic jars. Distributed across China, Guanyun emphasizes natural fermentation processes spanning months, appealing to consumers seeking authentic, health-conscious spirits for banquets and celebrations.
HQ CountryChinaChina
HQ City
Beijing
Beijing
Deal Date8 Jul 202227 Jan 2021
RoundSeries AStrategic investment
Raised$15M$1.5B
InvestorsGreen Pine Capital Partners-
Valuationundisclosedundisclosed
EV/Revenue
EV/EBITDA

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Genki Forest Competitors

Genki Forest competitors include listed companies like Grupo Bimbo, JDE Peet's, Varun Beverages and Uni-President Enterprises, and private ones like Xingsheng Youxuan and Chobani.

Public and private companies comparable to Genki Forest
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Grupo BimboMexicoMexicoPublicly listed$23B$3.1B$15B1.0x
JDE Peet'sNetherlandsNetherlandsPublicly listed$11B$1.7B$16B1.7x
Varun BeveragesIndiaIndiaPublicly listed$2.2B$565M$14B5.1x
Uni-President EnterprisesTaiwanTaiwanPublicly listed$21B$2.7B$14B1.0x
Xingsheng YouxuanChinaChangshaPrivate$704M-$12B-
ChobaniUnited StatesUnited StatesPrivate$3.8B-$20B5.3x

Genki Forest Public Comps

Genki Forest is still privately-owned, but its public comps include Grupo Bimbo, JDE Peet's, Varun Beverages, Uni-President Enterprises, JM Smucker, Swire Pacific, Coca-Cola Consolidated, JBS, McCormick & Co. and WH Group.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Grupo Bimbo$23B$3.1B1.1x1.0x7.8x7.1x
JDE Peet's$11B$1.7B1.8x1.7x12.1x10.6x
Varun Beverages$2.2B$565M6.3x5.1x24.6x22.5x
Uni-President Enterprises$21B$2.7B1.0x1.0x8.0x7.3x
JM Smucker$9.1B$876M2.3x2.3x23.7x9.9x
Swire Pacific$12B$1.6B2.8x2.6x19.8x14.6x
Coca-Cola Consolidated$7.2B$1B2.3x2.3x15.9x-
JBS$86B$6.2B0.4x0.4x5.7x6.7x

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Common questions about Genki Forest

When was Genki Forest founded?Genki Forest was founded in 2016.
Where is Genki Forest headquartered?Genki Forest is headquartered in Beijing, China.
Is Genki Forest publicly listed?No, Genki Forest is a private, VC-backed company.
What is Genki Forest's valuation?Genki Forest was last valued at $15B in its undisclosed-stage round in November 2021.
How much funding has Genki Forest raised?Genki Forest has raised $721M across 4 funding rounds.
What was Genki Forest's last funding round?Genki Forest's last funding round was a $200M undisclosed-stage round in November 2021, led by Temasek.
Who are Genki Forest's investors?Genki Forest's investors include HSG, Temasek, Longfor Group Holdings, Gaorong Capital, Warburg Pincus, L Catterton, Genesis Capital and BA Capital.
What is Genki Forest's revenue?Genki Forest's latest recorded revenue is $423M (November 2021).
What is Genki Forest's revenue multiple?Genki Forest's latest valuation implies a 35.4x revenue multiple ($15B valuation on $423M of revenue).
Which companies are comparable to Genki Forest?Companies comparable to Genki Forest include Grupo Bimbo, JDE Peet's, Varun Beverages, Uni-President Enterprises, Xingsheng Youxuan and Chobani.
How many companies has Genki Forest invested in?Genki Forest has invested in 2 companies, including Insight Technology and Guanyun Liquor.
What was Genki Forest's last investment?In July 2022, Genki Forest invested in Insight Technology's $15M Series A alongside Green Pine Capital Partners.

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