Liquid Death Revenue, Valuation, Funding & Investors

Liquid Death is valued at $1.4B as of March 2024, a 4.2x multiple on its last reported $333M revenue.

Last Liquid Death valuation

$1.4B

Undisclosed stage · Mar 2024

Last Liquid Death funding round

$67M

Undisclosed stage · Mar 2024

Liquid Death revenue

$333M

Undisclosed stage · Mar 2024

Key investors in Liquid Death

  • Science
  • Live Nation
  • Nomad Ventures
  • Convivialite Ventures
  • Velvet Sea Ventures
  • Jen Rubio

Liquid Death Overview

About Liquid Death

Liquid Death is a canned water brand that markets still and sparkling varieties in 16-ounce aluminum tallboys. Launched in 2019 from Los Angeles, it has expanded to over 113,000 retail points across North America, Europe, and Australia, including Whole Foods and 7-Eleven. The company also offers flavored seltzers like Severed Lime and acquisitions such as Mike's Hard Lemonade assets bolster its portfolio. Annual revenue surpasses $263 million with 264 employees supporting its mission to combat plastic waste through infinite recyclability.


Founded

2017

HQ

United StatesLos Angeles, CA

Status

Privately held

Customer focus

B2B

Revenue model

Product sales

Revenue

$333M (Mar 2024)

Valuation

$1.4B (Mar 2024)

Liquid Death Valuation

Liquid Death is currently valued at $1.4B, based on its undisclosed-stage round in March 2024.

The $67M round included Jim Jefferies, SuRo Capital, Gray’s Creek Capital Partners, Science, Josh Brolin and 6 other investors.

Liquid Death's valuation has grown 280x from $5M at its seed round in January 2019 to $1.4B in March 2024, across 6 priced rounds.

Liquid Death valuation by funding round

Revenue multiple
Liquid Death valuation by funding round
DateStageValuationRevenue Multiple
Mar 2024Undisclosed stage$1.4B4.2x
Oct 2022Series D$700M5.4x
Jan 2022Series C$525M11.7x
Sep 2020Series B$105M-
Feb 2020Series A$49M-
Jan 2019Seed$5M-

Liquid Death Revenue

Liquid Death's latest recorded revenue is $333M, as of its undisclosed-stage round in March 2024. At a $1.4B valuation, that implies a 4.2x revenue multiple.

Revenue grew from $45M in January 2022 to $333M in March 2024, while the revenue multiple moved from 11.7x to 4.2x.

Liquid Death revenue by funding round

Liquid Death revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
Mar 2024$333M$1.4B4.2xUndisclosed stage
Oct 2022$130M$700M5.4xSeries D
Jan 2022$45M$525M11.7xSeries 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.

Liquid Death Funding History

Liquid Death has raised a total of $261M across 7 funding rounds.

Liquid Death's first fundraising round was a $2M seed round in January 2019. The most recent completed round was a $67M undisclosed-stage round in March 2024.

Liquid Death funding rounds

Liquid Death funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Mar 2024Undisclosed stageJim Jefferies; SuRo Capital; Gray’s Creek Capital Partners; Science; Josh Brolin; Deandre Hopkins; Gasima Global Asset Management, LLC; TO Ventures; Neal Brennan; Derrick Green; Live Nation$67M$1.4BLiquid Death is a Los Angeles-based canned water and non-alcoholic beverage brand known for its heavy-metal marketing and beer can-styled packaging, offering products like water, flavored sparkling water, iced tea, and recently launched Death Dust hydration sticks. The company operates as a multi-category beverage platform available through retail, e-commerce, and entertainment venues, with a social following of 7.9 million across TikTok and Instagram, ranking third globally among beverages behind Red Bull and Monster. On March 11, 2024, Liquid Death closed a $67 million Series F financing round at a $1.4 billion post-money valuation, doubling its previous $700 million valuation from the October 2022 Series D round. Investors included new participants such as top national distributors (No. 1 in North Carolina, Oregon, Utah, and Washington), SuRo Capital, actor Josh Brolin, NFL All-Pro DeAndre Hopkins, comedian Jim Jefferies, Sepultura's Derrick Green, and Neal Brennan, alongside follow-on investors Live Nation, Science Inc., and Gray’s Creek Capital Partners. The oversubscribed strategic round matches the investor list provided, though dated March 2024 rather than November 2024. The funds will fuel national distribution expansion to 113,000 retail doors across the US and UK, accelerate product innovation including new sparkling water and iced tea flavors, and scale operations amid higher-than-anticipated retailer demand. Liquid Death reported $263 million in retail scanned sales through registers in 2023, up from $130 million in 2022, with triple-digit growth for the third consecutive year, making it the fastest-growing top water and iced tea brand per SPINS data. CEO Mike Cessario highlighted strong consumer and retailer demand, positioning the brand as a leader in water, flavored sparkling water, and iced tea categories. The company remains pre-profitability but emphasized an inherently profitable model, with this round aiding that goal. Additional traction includes partnerships like Live Nation for music festivals and venues, and viral campaigns such as auctioning ad space on half a million cases to Coinbase for over $500,000.
Oct 2022Series DScience (lead); Whitney Cummings; Nomad Ventures; Swedish House Mafia; Live Nation$70M$700MLiquid Death is a beverage brand offering still and sparkling mountain water packaged in recyclable aluminum cans, marketed with heavy-metal style branding to appeal to younger consumers seeking sustainable alternatives to plastic bottles. Launched in 2017 or 2019, the company emphasizes anti-plastic messaging, positioning water as a 'healthy and sustainable' option through irreverent social media campaigns, becoming the most-followed beverage brand on TikTok with 2.8 million followers and over 21 billion media impressions. In its Series D funding round around March 2022, Liquid Death raised $70 million led by Science Inc., which also participated in prior rounds including a $75 million raise earlier that year. Other investors included Live Nation Entertainment, Whitney Cummings, and Swedish House Mafia. The round valued the company at $700 million post-money, bringing total funding to over $200 million. The investment supports expansion, with products now in 60,000 U.S. stores—a 275% increase from the prior year—including retailers like Whole Foods, 7-Eleven, and Amazon, where it ranks as top still water and second in sparkling. The company projected $130 million in revenue for 2022, up from $45 million in 2021, with plans to double to $260 million in 2023. Science Inc. described it as potentially the fastest-growing non-alcoholic beverage, comparing its retail success to Monster (four years) and Celsius (12 years). Liquid Death was laying groundwork for a potential IPO and European expansion at the time. A later 2024 round reached $1.4 billion valuation with $67 million raised, achieving $263 million in retail sales in 2023 across 113,000 stores in the U.S. and U.K., still pursuing profitability.
Jan 2022Series CScience (lead); Convivialite Ventures; Nomad Ventures; Nomad Venture Fund; GroundForce Capital; Live Nation; Access Capital$75M$525MLiquid Death, a Santa Monica-based canned water company founded in 2017, sells mountain water sourced from the Austrian Alps in recyclable aluminum cans, positioning itself as a sustainable alternative to plastic bottles with heavy metal-themed marketing. The company raised $75 million in a Series C round announced in early January 2022 (aligned with March 1 approximate date), led by Science Inc., which had backed it since a $2.3 million seed in 2019. Additional investors included Live Nation, PowerPlant Partners, Access Capital, and Nomad Ventures, bringing total funding to $125 million at a post-money valuation of $525 million. This followed prior rounds: $9 million Series A in February 2020, $23 million Series B in September 2020, and a $15 million Series B extension in May 2021 with celebrities like Wiz Khalifa and Tony Hawk. The round supports expansion into flavored waters like Berry It Alive, Severed Lime, and Mango Chainsaw, alongside team growth in operations, sales, and marketing. By late 2021, Liquid Death achieved nearly $45 million in revenue, up from $3 million in 2019, with distribution in over 29,000 U.S. locations including Whole Foods, Target, Safeway, and 7-Eleven. A key partnership with Live Nation made it the exclusive water vendor at over 120 music venues and festivals, leveraging its music-centric branding. CEO Mike Cessario, a former ad agency creative, emphasized Amazon's shift to wholesale sales as a growth driver. The company had no disclosed EBITDA. Subsequent rounds included $70 million in October 2022 and $67.6 million Series D in March 2024 at $1.4 billion valuation, with 2022 revenue reaching $110 million per secondary sources.
May 2021Series CLive Nation (lead); Tony Hawk; Kelly L Campbell; Machine Gun Kelly; Steve Aoki; Wiz Khalifa; Michael Ryan Dubin$15M-Liquid Death is a canned water brand known for its heavy metal-themed marketing and products sold in aluminum cans. In May 2021, the company raised $15 million in an initial Series C funding round led by Live Nation, with participation from celebrities including Wiz Khalifa, Tony Hawk, Machine Gun Kelly, Steve Aoki, Michael Ryan Dubin, and Kelly L. Campbell. Live Nation partnered to sell the drink exclusively at their events and venues for a period. The round supported expansion as Liquid Death's products reached over 29,000 U.S. locations including Whole Foods, Target, Safeway, and 7-Eleven. The company achieved $45 million in revenue in 2021, up significantly from $3 million in 2019 when its canned water first launched. This funding was followed by an additional $75 million Series C extension in January 2022 valuing the company at $525 million and bringing total capital raised to $125 million.
Sep 2020Series BUncommon Denominator; Convivialite Ventures; Nomad Ventures; Mike Burkett; Pat McAfee; Velvet Sea Ventures; Karman Ventures$23M$105MLiquid Death is a canned water and beverage brand founded in 2019 by Mike Cessario, known for its heavy metal-themed branding and product names. The company was originally incubated by Science Inc., the startup studio founded by former Myspace CEO Michael Jones. Liquid Death markets premium canned water, flavored sparkling water, and iced tea with distinctive names reflecting its rock aesthetic. The company achieved rapid distribution growth, reaching over 29,000 retail locations including major chains like Whole Foods, Target, Safeway, and 7-Eleven. By late 2021, the company had raised approximately $125 million across multiple rounds since its 2019 seed funding. Liquid Death subsequently achieved unicorn status in 2023 and reached a $1.4 billion valuation following its March 2024 Series F-1 funding round of $67.6 million, with celebrity investors including actor Josh Brolin and NFL All-Pro DeAndre Hopkins participating. The company has demonstrated consistent triple-digit growth rates in retail sales, with $263 million in retail sales through registers in 2023.
Feb 2020Series AVelvet Sea Ventures (lead); Science; Nick Green; Jen Rubio; James Siminoff; Trust Fund; Jake Strom; Blake Mycoskie$9M$49MLiquid Death raised $9 million in its Series A funding round in February 2020, led by Velvet Sea Ventures. Investors included Blake Mycoskie, Jake Strom, James Siminoff, Jen Rubio, Nick Green, Science, Sophia Amoruso, and Velvet Sea Ventures. The funding supported entry into brick-and-mortar retail starting with Whole Foods and expansion into sparkling water.
Jan 2019SeedScience (lead); Jen Rubio; Nick Tran; Biz Stone; Michael Ryan Dubin$2M$5M-

Who has invested in Liquid Death?

37 investors have backed Liquid Death across its funding rounds, including Science, Live Nation, Nomad Ventures, Convivialite Ventures, Velvet Sea Ventures and Jen Rubio.

Lead investors include Science, Live Nation and Velvet Sea Ventures.


Liquid Death Investors

Investors in Liquid Death by funding rounds participated
InvestorHQRoundsRoleFirst check
ScienceUnited StatesLos Angeles, CA5LeadJan 2019
Live NationUnited StatesLos Angeles, CA4LeadMay 2021
Nomad VenturesUnited StatesLos Angeles, CA3ParticipantSep 2020
Convivialite VenturesUnited StatesSan Francisco, CA2ParticipantSep 2020
Jen RubioUnited StatesNew York City, NY2ParticipantJan 2019
Velvet Sea VenturesUnited StatesNew York City, NY2LeadFeb 2020
Michael Ryan DubinUnited StatesLos Angeles, CA2ParticipantJan 2019
Jim JefferiesUnited StatesLos Angeles, CA1ParticipantMar 2024
Tony HawkUnited StatesSan Diego, CA1ParticipantMay 2021
Uncommon DenominatorUnited StatesNew York City, NY1ParticipantSep 2020
SuRo CapitalUnited StatesSan Francisco, CA1ParticipantMar 2024
Gray’s Creek Capital PartnersUnited StatesWestport, CT1ParticipantMar 2024
Kelly L CampbellUnited StatesLos Angeles, CA1ParticipantMay 2021

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Liquid Death Competitors

Liquid Death competitors include listed companies like Lotte, Izumi Co, Bikaji Foods and Del Monte, and private ones like Rebel Foods and Snack Is Busy.

Public and private companies comparable to Liquid Death
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Rebel FoodsIndiaMumbaiPrivate$173M-$1.4B8.1x
LotteSouth KoreaSouth KoreaPublicly listed$11B$577M$1.4B0.8x
Izumi CoJapanJapanPublicly listed$3.7B$300M$1.4B0.6x
Bikaji FoodsIndiaIndiaPublicly listed$306M$44M$1.4B4.4x
Del MonteUnited StatesUnited StatesPublicly listed$4.3B$213M$1.5B0.4x
Snack Is BusyChinaChangshaPrivate--$1.5B-

Liquid Death Public Comps

Liquid Death is still privately-owned, but its public comps include Lotte, Izumi Co, Bikaji Foods, Del Monte, Osotspa, J&J Snack Foods, Bega Cheese, Nomad Foods, Flowers Foods and Podravka.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Lotte$11B$577M0.8x0.8x16.2x10.4x
Izumi Co$3.7B$300M0.6x0.6x6.9x6.8x
Bikaji Foods$306M$44M4.8x4.4x33.2x31.9x
Del Monte$4.3B$213M0.5x0.4x9.5x8.4x
Osotspa$767M$180M1.7x1.7x7.3x7.4x
J&J Snack Foods$1.6B$161M1.0x1.1x9.9x9.1x
Bega Cheese$2.7B$143M0.6x0.6x10.8x9.4x
Nomad Foods$3.5B$417M1.1x1.1x9.2x6.7x

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Common questions about Liquid Death

When was Liquid Death founded?Liquid Death was founded in 2017.
Where is Liquid Death headquartered?Liquid Death is headquartered in Los Angeles, CA, United States.
Is Liquid Death publicly listed?No, Liquid Death is a private, VC-backed company.
What is Liquid Death's valuation?Liquid Death was last valued at $1.4B in its undisclosed-stage round in March 2024.
How much funding has Liquid Death raised?Liquid Death has raised $261M across 7 funding rounds.
What was Liquid Death's last funding round?Liquid Death's last funding round was a $67M undisclosed-stage round in March 2024.
Who are Liquid Death's investors?Liquid Death's investors include Science, Live Nation, Nomad Ventures, Convivialite Ventures, Jen Rubio, Velvet Sea Ventures, Michael Ryan Dubin, Jim Jefferies, Tony Hawk, Uncommon Denominator and 27 others.
What is Liquid Death's revenue?Liquid Death's latest recorded revenue is $333M (March 2024).
What is Liquid Death's revenue multiple?Liquid Death's latest valuation implies a 4.2x revenue multiple ($1.4B valuation on $333M of revenue).
Which companies are comparable to Liquid Death?Companies comparable to Liquid Death include Rebel Foods, Lotte, Izumi Co, Bikaji Foods, Del Monte and Snack Is Busy.

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