Rowdy Mermaid closes $3.5 million Series A

BOULDER — Rowdy Mermaid Kombucha completed Series A financing of $3.5 million.

The round was led by KarpReilly, a Greenwich-based private investment firm whose portfolio includes natural products such as KeVita and Zola Coconut Water. Other investors included Justin Gold, founder of Justin’s, and Brendan Synnott, co-founder of Bear Naked and EVOL Foods.

“We love Rowdy Mermaid Kombucha because its function-forward and science-based approach to kombucha stands out in a fast-growing industry,” Allan Karp, co-founder of KarpReilly, said in a prepared statement. “We are confident in the tremendous amount of momentum Jamba and his team have received over the past several years in the Rocky Mountain region and we believe the organic harmony between our teams will compel a thoughtful growth strategy moving forward.”

The Series A will be used to accelerate growth opportunities for the Boulder-based kombucha company, including a broader western sales expansion in conventional and on-the-go channels, a new package and design and research and development into environmentally friendly cans.

“This financing allows the Rowdy Mermaid team the opportunity to grow our company and our product line with integrity,” Jamba Dunn, founder and CEO of Rowdy Mermaid Kombucha, said in a statement. “We believe functional health extends to the environment we live in as well as ourselves. Which is why a big initiative for 2019 will be a switch to clean supply chains and sustainable packaging to increase our presence and offerings while being mindful of environmental concerns — curbing production waste, extending shelf life and increasing the functionality of the product.”

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