MILFORD, Conn., and SAN DIEGO — Athletic Brewing Company announced it has closed a $50 million equity financing round led by General Atlantic, a leading global growth investor, with participation from multiple existing investors.
Athletic plans to use the new capital to drive continued long-term growth, including through the recently announced purchase of a third U.S. brewing facility and the ongoing expansion of its world-class non-alcoholic beer at retailers across the globe. With the closing of the transaction, General Atlantic has assumed a seat on the company's Board of Managers.
Launched in 2018, Athletic developed a proprietary brewing method to make fully fermented non-alcoholic brews that are indistinguishable from their full-strength alcohol counterparts. An industry pioneer, Athletic has grown from one of the smallest breweries in America, producing just 875 barrels in 2018, to a top 20 U.S. brewery that sold over 258,000 barrels in 2023.
According to recent polling, 41% of Americans are actively trying to moderate their alcohol consumption in 2024, a 7% increase from 2023. Meanwhile, 58% of consumers say that low- and non-alcoholic beer is a good alternative for anyone looking to moderate their alcohol consumption long-term.
Recently named one of TIME's "100 Most Influential Companies" of 2024 and selected as one of GQ's 20 most creative companies in the world, Athletic has revolutionized both the quality and marketing of non-alcoholic beer — making moderation more accessible and creating new occasions for the brewing industry in the process.
Athletic currently operates custom brewing facilities in Milford, Connecticut, and San Diego, California. The investment from General Atlantic, alongside other key investors, closely follows Athletic's recent acquisition of a second San Diego brewing facility, formerly known as Ballast Point. Over the next 18 months, Athletic is planning a series of renovations and site improvements at the new facility which will include the installation of a new packaging line and enhancements to the brewhouse, cellar, and lab to meet the company's strict food safety and quality standards. Once operational, Athletic expects to double its U.S. brewing capacity.
Athletic — ranked by the Brewers Association as the 10th largest U.S. craft brewery and 20th largest overall U.S. brewing company — is America's number one non-alcoholic beer brand. With dollar sales growing by more than 60%, Athletic currently holds over 19% market share within non-alcoholic beer and is driving 32% of total non-alcoholic beer category growth.
