On Tuesday, Athletic Brewing Company announced it closed a $50 million equity financing round led by private equity firm General Atlantic, with participation from other investors. As part of the transaction, General Atlantic assumed a seat on Athletic’s board of managers.
According to a press release, the company plans to use the funding to drive long-term growth. This includes renovating the recently purchased Ballast Point brewing facility in San Diego and expanding distribution to new international markets. Athletic is America’s fastest-growing non-alcoholic beer brand with over 19 percent of the category’s total market share, and according to NielsenIQ, is currently driving 32 percent of the category’s growth.
