Seltzer company aims to expand operations across Europe, as well as growing Australian business
DASH, the zero-sugar, zero-calorie seltzer company known for infusing wonky fruit in its drinks, has announced the completion of an £8.7 million Series A funding round.
The round was led by the ProVen VCTs, which have previously backed Monica Vinader, Lucky Saint, and Papier. New investors who took part included Johnny Sexton, Ireland’s rugby captain; and David Milner, DASH’s chairman and former CEO of F&B titans Tyrells, Lily’s Kitchen and St Pierre Bakery.
Listed in more than 10,000 stores globally, B-Corp certified DASH currently leads the UK seltzer category with a 39% share of value sales. Its products are listed in Tesco, Sainsbury’s, Waitrose, Starbucks, British Airways and many more, with 61% of all sales coming through online channels.
Other investors in the round included the founders of Sipsmiths, Beavertown, and former Manchester United footballer Patrice Evra. The seltzer category is forecasted to be worth £290m+ in the UK in the next few years.
Alex Wright, DASH’s co-founder, commented: “This is a big moment for DASH. This latest investment gives us the firepower we need to change the way people look at soft drinks for good.
“It’s clear that people want a genuine alternative to the sugary soft drink, one that’s healthy and uncompromising on taste. But until now, there’s been no other option.
“It’s brilliant to welcome big hitters who share our vision, and want to join us on the next part of the DASH journey. From the ProVen VCTs' team, to international sports stars, it’s amazing to see how many people believe in using wonky fruit to create delicious, healthy drinks”
The funding will be used to support DASH’s growth and expansion plans, including increasing production and distribution, and investing in research and development. DASH also plans to expand into new markets across Europe, and to increase its presence in Australia, where it has a growing market share.
Luke Edis, Investment Manager at Beringea, the investment manager of the ProVen VCTs, commented: “The ProVen VCTs see tremendous potential in DASH. While seltzer is a multibillion-dollar industry in the US, it is a product that has vast potential for growth in the UK and Europe. As the UK’s leading seltzer, DASH is driving the rise of this increasingly valuable category. Its sustainable product, using wonky fruit and veg to reduce food waste, is resonating with consumers looking for a healthy, flavourful drink and we believe it can go from strength to strength across the UK and into Europe.”
DASH's rapid growth has kept pace with market leaders in recent years - the company has demonstrated a 3-year CAGR of 94%.
Notable moments from the past year include a highly successful viral marketing campaign, where a wonky aubergine advert was banned from the London Underground by the TFL. The campaign reached over three million people across social media in under two days.
DASH is a certified B Corp and frequently partners with organizations, including FareShare and the London Soup Kitchen, to support local communities.
DASH has gained a loyal following among health-conscious consumers, including high-profile names such as David and Victoria Beckham, who are looking for tasty, sustainable alternatives to traditional sugary sodas. The company's unique flavors, such as cucumber, peach and mango, have helped them stand out in a crowded marketplace. DASH uses high-quality, natural ingredients in all of its drinks, sourced from local farms.
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Find out more about the ProVen VCTs’ annual shareholder event, which featured insights from Beringea, the investment manager, the boards of the two funds, as well as several of the companies from the portfolio
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