Liquid I.V Acquisition, Valuation, Funding & Investors

Liquid I.V was acquired by Unilever for $525M in September 2020, a 2.6x multiple on $200M of revenue.

Liquid I.V acquisition price

$525M

Acquired by Unilever · Sep 2020

Liquid I.V revenue at acquisition

$200M

Last twelve months · Sep 2020

Liquid I.V revenue multiple at acquisition

2.6x

EV/Revenue · Sep 2020

Cumulative funding Liquid I.V raised

$10M

across 2 funding rounds

Liquid I.V Overview

About Liquid I.V

Liquid I.V. is a functional hydration brand, founded in 2012, that makes powdered electrolyte drink mixes designed to speed water absorption. It built its business through direct-to-consumer sales, Amazon, and influencer partnerships before expanding into wholesale and retail distribution. Unilever acquired the brand in 2020, and it has since grown into the largest brand within Unilever's Health & Wellbeing portfolio.


Founded

2012

HQ

United StatesUnited States

Status

Acquired

Customer focus

B2C

Revenue model

Product sales

Revenue

$200M (Sep 2020)

Valuation

$525M (acquired Sep 2020)

Liquid I.V Acquisition

Liquid I.V was acquired by Unilever for $525M on 1 September 2020.

The acquisition price implies a 2.6x revenue multiple on $200M of revenue.

Before the acquisition Liquid I.V had raised $10M across 2 funding rounds.

Liquid I.V. is a functional hydration brand founded in 2012 that produces powdered electrolyte drink mixes designed to enhance rapid water absorption. The company generated $100 million in revenue during its first five years and had scaled to approximately $200 million in annual revenue by 2020 through a combination of direct-to-consumer sales, Amazon distribution, and strategic influencer partnerships. The company secured high-profile investors including Justin Bieber and built strong brand recognition in the functional beverages segment. In October 2020, Unilever acquired Liquid I.V. for approximately $525 million including earnout consideration, valuing the company at approximately 2.5 times its annual revenue at the time of acquisition. The acquisition reflected Unilever's strategic bet on the functional hydration category and positioned Liquid I.V. as part of Unilever's Health & Wellbeing business. Since the acquisition, the brand has quadrupled in size and has become the largest brand within Unilever's Health & Wellbeing Collective, approaching $1 billion in net sales by 2025.

Liquid I.V acquisition details
AcquirerDateTypePriceEV/Revenue
1 Sep 2020Strategic M&A$525M2.6x

Liquid I.V Funding History

Liquid I.V has raised a total of $10M across 2 funding rounds.

Liquid I.V's first fundraising round was a $5M Series B in August 2018. The most recent completed round was a $5M Series A in July 2019.

Liquid I.V funding rounds

Liquid I.V funding rounds
DateStageInvestorsRaisedDeal Summary
Jul 2019Series ATQ Ventures$5MLiquid I.V. is a hydration multiplier brand offering electrolyte drink mixes. The company raised funding in an Angel round on 7/16/2019, with investors including Jake Kassan and James Corden, though amount and valuation details are not disclosed. A separate entry notes TQ Ventures association, but specific round details for TQ Ventures are not detailed. Total funding across 8 rounds reached $15.49M with 25 investors. Liquid I.V. reported $100M in revenue for FY 2018. The company achieved a valuation of $20.92M in its Series B round on 8/28/2018. It was later acquired by Unilever on September 2, 2020.
Aug 2018Series BCircleUp (lead); Lewis Wolff; Andrew Cohen; Kyrre Gørvell-Dahll; Scott Emerson; Jordan Younger; Kevin Turner; Adam Eaton; TQ Ventures; Jake Kassan; Myles Shear$5MLiquid I.V. is a Marina del Rey-based nutrition company producing electrolyte drink mix packets aimed at defeating global dehydration through enhanced hydration science. The company secured $5 million in a Series B funding round on August 28, 2018, led by CircleUp Growth Partners, with participation from investors including Adam Eaton, Scooter Braun, Kygo, and others. CircleUp identified Liquid I.V. using its Helio machine learning platform, which flagged the company's strong market traction and growth potential. Liquid I.V. reported rapid growth over the prior 18-24 months, reaching the number one spot on Amazon's sports drink best-sellers list, launching a passion fruit flavor for its Hydration Multiplier line, and planning a new sleep product. The funding supports expanded production, distribution, team growth, and consumer education efforts. The company also emphasizes philanthropy, committing to donate over 300,000 servings of Hydration Multiplier to undernourished regions.

Who has invested in Liquid I.V?

11 investors have backed Liquid I.V across its funding rounds, including TQ Ventures, CircleUp, Jake Kassan, Kyrre Gørvell-Dahll, Myles Shear and Adam Eaton.

Lead investors include CircleUp.


Liquid I.V Investors

Investors in Liquid I.V by funding rounds participated
InvestorHQRoundsRoleFirst check
TQ VenturesUnited StatesNew York City, NY2ParticipantAug 2018
Lewis WolffUnited StatesSt Louis, MO1ParticipantAug 2018
Andrew CohenUnited StatesMiami, FL1ParticipantAug 2018
Kyrre Gørvell-DahllUnited KingdomEdinburgh1ParticipantAug 2018
Scott EmersonUnited StatesColorado Springs, CO1ParticipantAug 2018
Jordan YoungerUnited StatesLos Angeles, CA1ParticipantAug 2018
Kevin TurnerUnited StatesJackson, MS1ParticipantAug 2018
CircleUpUnited StatesSan Francisco, CA1LeadAug 2018
Adam Eaton--1ParticipantAug 2018

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Investments by Liquid I.V

Liquid I.V has invested in 1 company to date.

Latest investment by Liquid I.V was on November 19th 2021. Liquid I.V invested in Amara Organic Foods in their $12M Series A round.


Latest Investments by Liquid I.V

Amara Organic Foods
Description
Amara Organic Foods produces organic baby and toddler meals using a patented steam-cooking process to retain nutrients in textured pouches for stages 4 months and up. San Francisco-headquartered since its 2012 founding, the company offers flavors like carrot parsnip ginger and mango black bean quinoa, available in major U.S. retailers such as Whole Foods and Target. Acquired by Hain Celestial Group in 2021, Amara expanded into kids snacks.
HQ CountryUnited States
HQ City
San Francisco, CA
Deal Date19 Nov 2021
RoundSeries A
Raised$12M
InvestorsEat Well Investment Group; Spring St. Group; Pharmapacks
Valuation$100M
EV/Revenue
EV/EBITDA

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Liquid I.V Competitors

Liquid I.V competitors include listed companies like Inghams Group, Kofola, Sligro Food Group and Zinzino Holding, and private ones like Hint and Captain Fresh.

Public and private companies comparable to Liquid I.V
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
HintUnited StatesSan Francisco, CAPrivate--$522M-
Inghams GroupAustraliaAustraliaPublicly listed$2.2B$279M$529M0.6x
KofolaCzech RepublicCzech RepublicPublicly listed$509M$92M$521M1.6x
Captain FreshIndiaBangalorePrivate--$521M-
Sligro Food GroupNetherlandsNetherlandsPublicly listed$3.1B$177M$518M0.4x
Zinzino HoldingSwedenSwedenPublicly listed$324M$46M$538M1.2x

Liquid I.V Public Comps

Liquid I.V is no longer listed, but its public comps include Inghams Group, Kofola, Sligro Food Group, Zinzino Holding, Atria, Arabian Mills, Vital Farms, Fonterra Shareholders' Fund, Nichols and Wisynco Group.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Inghams Group$2.2B$279M0.6x0.6x5.1x6.4x
Kofola$509M$92M1.7x1.6x9.1x9.8x
Sligro Food Group$3.1B$177M0.4x0.4x6.4x7.0x
Zinzino Holding$324M$46M1.4x1.2x10.0x7.8x
Atria$2.1B$146M0.4x0.4x6.1x5.6x
Arabian Mills$266M$101M2.7x2.6x7.2x6.9x
Vital Farms$759M$102M0.8x0.8x5.8x18.0x
Fonterra Shareholders' Fund$38M-12.7x0.0x-0.4x

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Common questions about Liquid I.V

When was Liquid I.V founded?Liquid I.V was founded in 2012.
Where is Liquid I.V headquartered?Liquid I.V is headquartered in United States.
Is Liquid I.V publicly listed?No, Liquid I.V was acquired by Unilever in September 2020.
Who acquired Liquid I.V?Liquid I.V was acquired by Unilever in September 2020.
How much was Liquid I.V acquired for?Liquid I.V was acquired for $525M in September 2020, a 2.6x revenue multiple.
How much funding has Liquid I.V raised?Liquid I.V has raised $10M across 2 funding rounds.
What was Liquid I.V's last funding round?Liquid I.V's last funding round was a $5M Series A in July 2019.
Who are Liquid I.V's investors?Liquid I.V's investors include TQ Ventures, Lewis Wolff, Andrew Cohen, Kyrre Gørvell-Dahll, Scott Emerson, Jordan Younger, Kevin Turner, CircleUp, Adam Eaton, Jake Kassan and 1 other.
Which companies are comparable to Liquid I.V?Companies comparable to Liquid I.V include Hint, Inghams Group, Kofola, Captain Fresh, Sligro Food Group and Zinzino Holding.
How many companies has Liquid I.V invested in?Liquid I.V has invested in 1 company, including Amara Organic Foods.
What was Liquid I.V's last investment?In November 2021, Liquid I.V invested in Amara Organic Foods' $12M Series A alongside Eat Well Investment Group, Spring St. Group and Pharmapacks.

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