Cove Kombucha: Canada's favourite kombucha raises 4.5 million
Cove Kombucha announces multi-million-dollar funding through investment bank, Canaccord Genuity.
HALIFAX, NS, Sept. 7, 2021 /CNW/ - Cove Kombucha, a CPG Health Beverage company, announced today that they have raised 4.5M in funding to expand across Canada and into the United States.
Cove Kombucha, Canada's fastest growing kombucha brand, announces a multi-million-dollar equity funding round raised through Canaccord Genuity, with debt financing provided by CIBC and Atlantic Canada Opportunities Agency (ACOA). The company attracted the Vancouver based investment bank in 2019 when they raised 1.2M for their equity seed round. Less than two years later they have nearly quadrupled their funding.
"We are experiencing fast growth and managed to complete another great raise with Canaccord. It was a necessary component for us to continue to scale quickly and wisely." says John MacLellan, CEO.
MacLellan says the funding earned through investments will be used to further growth throughout North America.
"This raise will fuel inventory and marketing, as well as allow for new experienced hires. We are excited to continue our Canadian expansion and soon move into the U.S. market."
Cove Kombucha boasts successful expansion at a national level, including the recent addition of several Safeways in Western Canada, and all of Loblaws Ontario.
About Cove
Founded in late 2016 by brothers John and Ryan MacLellan, Cove Kombucha started in their mother's Nova Scotia kitchen. Today, Atlantic Canada's kombucha is on a mission to provide access to healthy and delicious beverages for everyone. Cove Kombucha launched nationally with Sobeys in May 2021 and is currently found in over 850+ various large and small (but mighty) retail locations across Canada including Whole Foods Market, Costco Wholesale, Loblaws, and Sobeys.
SOURCE Cove Kombucha
Talia Meade, [email protected]
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