sipMARGS Bags Another $2M 💰

Author

CPG WIRE
December 07, 2023

GM and Happy Thursday, folks. Here’s what we’re covering this morning:

  • Sara Happ sells stake 🫦

  • Joseph Duclos raises $7M 👜

  • Glossier x Starface 🌟

  • Muddy Bites x Girl Scouts 🍪

  • Non-alc White Claw ⁉️

sipMARGS Bags Another $2M 💰

sipMARGS, a canned margarita brand that launched in May of 2021, has secured an additional $2M in funding. The round was led by Lab Capital Advisors, the same firm who previously invested $3M into the company in 2022. 

Founded by two veterans of the wine & spirits industry, Wyatt Carder and Joey Angelo, sipMARGS has carved out a niche for itself in the RTD category by focusing on high-quality tequila and novel flavors. Another differentiator is their clever positioning. 

While there’s no shortage of ready-to-drink tequila cocktails on the market, most of the major players and upstarts are focused on tequila seltzers, so sipMARGS chose to focus solely on the humble margarita. A wise move. 

Instead of joining the tequila seltzer fracas, sipMARGS went deep on the best known and most ordered tequila cocktail. Similarly, their sleek packaging does a terrific job of communicating “we’re the margaritas brand, and we’re here to have a good time.” See below. 

sipMARGS will use the funding to expand into a number of key states including California, Connecticut, Michigan, Ohio, and Virginia. 

More on the fundraise here.

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Deals 💰

Mergers & Acquisitions 

  • Popular lip care brand Sara Happ has sold a minority stake to BGM Ventures. The Los Angeles-based brand was founded in 2005 and is distributed in over 20 countries. The head of BGM Ventures, Greg Cooper, will become the CEO of Sara Happ. WWD

  • Driza-Bone, an Australian apparel brand that’s known for its rugged waterproof coats, was acquired by mining magnate Gina Rinehart. The seller is Propel Group who acquired Driza-Bone in 2008. Their coats are pretty neat — think Barbour meets Yellowstone. Smart Company

Fundraising

  • Joseph Duclos, a French producer of luxury leather goods, secured €7M from a number of entrepreneurs and family offices. The funding will primarily be used for retail expansion. WWD

  • Per a SEC filing, hydration brand ROAR Organic scored an additional $6M in funding, bringing their total year-to-date funding to $12M. ROAR Organic was founded by Roly Nesi in 2013. Their retail partners include Albertsons, Kroger, Natural Grocers, and Sprouts. Forbes 

  • Insane Grain, a UK-based better-for-you snack brand, raised funding from English football star Harry Kane. They spent months trying to get Kane’s attention and finally did, so hats off to them. The Grocer

What’s New 🤩

Apparel, Cosmetics, and Wellness

  • Glossier and Starface waited until December to drop one of the top collabs of 2023. Perfect execution, 10/10 🔽 Starface

  • Faculty, a men’s nail polish and accessories brand that was backed by Estee Lauder and Caleb Williams, has sadly shuttered. Their packaging was great and they released some very creative products. Curious if anyone scoops up the IP at a steep discount. Glossy

  • Vegan and non-toxic fragrance brand DedCool launched a new scent, Sunlit Blooms, which is available exclusively at Sephora. Happi

Food, Beverage, and Alcohol

  • Better Booch Kombucha launched a new non-alcoholic sparkling wine dubbed N/ATIVE. Great-looking bottle and a no-brainer in terms of category expansion. Instagram

  • Muddy Bites released their newest flavor and it’s actually a collaboration with Girl Scouts! Another top notch collab to close out 2023 🔽 Instagram

  • Boulder Canyon and Grillo’s Pickles joined forces to launch a line of dill pickle flavored potato chips. Available at Fresh Thyme, Sprouts, and Whole Foods Market. Business Wire

  • Brooklyn Brewery continues to expand its selection of non-alc beers with Special Effects Grapefruit IPA. It’s amusing how quickly non-alc beers have gone from an unspeakable notion to a critical focus for craft brewers. Instagram

  • The iconic Goldfish brand is expanding into potato-based snacks with the launch of Goldfish Crisps. Curious how these perform. I imagine they’ll do very well. Food Business News

  • White Claw, the #1 hard seltzer brand according to IWSR, just launched a new non-alcoholic seltzer called White Claw 0% Alcohol. Apparently the flavor and texture are quite similar to your average hard seltzer, but obviously without the alcohol. Bearish. Delish

Data 🖥️

  • H1 sales for Brown-Forman were up only 2% to $2.1B. Some highlights: its New Mix RTD unit grew 41% year-over-year, while Jack Daniel’s Tennessee Apple sales jumped 51%. Business Wire

Distribution News 🚚

  • Hydration brand Local Weather is now available nationwide at Whole Foods Market.

  • Skincare brand Bubble launched at Boots in the UK.

  • Su Casa Mezcal launched at BevMo, BevMax, and Wegmans.