Constellation Brands acquires minority stake in adaptogen-infused Hop Wtr
Based in Los Angeles, Hop Wtr was founded in 2020 by Nick Taranto and Jordan Bass, who set out to build a calorie-free beer-alternative: yet with a functional benefit to set it apart from competing sparkling waters and non-alcoholic beers.
The sparkling water is infused with a blend of Columbus and Centennial dry hops and notes of citrus as a nod to an IPA; along with a proprietary blend of adaptogens and nootropics, including L-theanine and ashwagandha.
Constellation Brands eyes up potential in both alcohol alternatives and functional beverages.
The non-alcoholic segment of total beverage alcohol has experienced rapid growth in recent years, with the segment growing 37% in 2020, according to Nielsen data. In addition, IWSR research has found that 58% of consumers are switching between non-alcoholic or low-alcoholic and full-strength drinks in the same occasion.
“The functional beverage category continues to show strong potential and is well-aligned with today’s growing consumer preferences for wellness and betterment,” said Jennifer Evans, vice president, Constellation Ventures.
“Nick and Jordan have taken a consumer-first approach in building a great product and brand, and through this investment we expect to learn more about what resonates with consumers in this fast-growing space.”
The investment was made through Constellation’s venture capital group, and Hop Wtr remains independently owned and will continue to manage, market, and produce its brand and products.
