Athletic Brewing, America's largest non-alcoholic beer maker, is now valued at $800 million following its latest financing round.
It will deploy the $50 million of new capital raised to support long-term growth, including the purchase of a third US brewing facility and for global expansion.
The investment follows Athletic's acquisition of a San Diego facility and a UK distribution deal.
The company has grown from producing 875 barrels in 2018 to over 258,000 barrels in 2023. CEO Bill Shufelt noted a revenue run rate increase of over 100% since late 2022, reflecting significant growth potential.
General Atlantic, a key investor, will appoint a representative to Athletic's board.
"We're thrilled to welcome General Atlantic as a key growth partner at a time when we're significantly expanding our West Coast capacity to meet increasing demand for Athletic beer," said Bill Shufelt, co-founder and CEO of Athletic.
"We are passionate about transforming the way modern adults drink and converting critics into believers.
"We're at the start of a long-term trend, and we couldn't be more excited to have General Atlantic by our side as Athletic begins its next phase of growth."