Series A funding for the alcoholic beverage business was led by consumer growth equity firm Aria Growth Partners as well as Clayton Christopher, co-founder and former CEO of Deep Eddy Vodka. Also supporting Onda during the financing round for the alcoholic beverage company was New York City venture studio 25madison.
The new funding for the alcoholic beverage company follows up a $1.2 million seed round for Onda from last year. Furthermore, the business also announced that Christopher and Jim Clerkin, former president and CEO of Moët Hennessy NA, are joining the board of directors at Onda.
“We are thrilled to be joined on this journey by Aria Growth Partners and a great group of new team members and advisors,” said Noah Gray, co-founder and CEO of Onda. “Jim and Clayton bring unparalleled understanding of the beverage alcohol industry as well as first-hand experience running numerous high-growth spirits brands.”
A Sparkling, Summertime Drink
Onda was co-founded in 2019 by Gray as well as Max Dworin, Kelli Adams, and actress Shay Mitchell. The brand built by the alcoholic beverage business is inspired by ‘90s surf style and targets the new generation of consumers looking for light, refreshing drinks.
Sparkling drinks crafted by the company resemble hard seltzer products; however, Onda uses real tequila in its beverages rather than neutral malt alcohol found in many popular seltzer brands. Tequila used in the sparkling drinks from the hard seltzer business is sourced from Casa Maestri, a woman-owned distillery in Jalisco, Mexico. The lineup of flavored drinks offered by the company uses real fruit juice and all-natural ingredients. Each can has only 100 calories, zero sugar, no more than one gram of carbs, and is naturally gluten-free.
“Over the past few years, I have been watching the emergence of the sparkling ready-to-drink market,” said Clerkin. “The growth we’ve seen to date is tremendous and it is only just the beginning. I am excited to be working directly with the Founders to help grow Onda into a category-defining company.”
Taking on the Hard Seltzer Competition
The hard seltzer market has seen significant growth, especially as big names in the alcoholic beverage industry throw their weight behind the light drink. Market research projects the global hard seltzer market to be valued at $14.5 billion by 2027, growing at a CAGR of 16.2%.
Onda’s sparkling tequila business will have to compete for space with names such as White Claw (parent company Mark Anthony Brand) and Anheuser-Busch InBev (the parent company of Bud Light). The hard seltzer business will attempt to set itself apart from the competition with its sparkling tequila by using real tequila in its products rather than a neutral malt spirit.
About the Author
James White is a Michigan State University graduate with a B.S. in Environmental Biology. He is interested in reporting emerging trends in technology, especially with regard to alternative energy and environmental conservation.