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Saturday, Feb 24, 2024

Zevia Offering Nets $12M

Beverage company Zevia Soda, based in Encino, raised $12 million last month in a private securities offering through Regulation D. The capital raise was led by Laird Norton Co., a Seattle-based investment firm and current investor in Zevia, according to Zevia Chief Executive Paddy Spence. “Proceeds from this funding will be used to support Zevia’s rapid growth,” said Spence. “Zevia is the most rapidly growing carbonated soft drink brand in the U.S., and our mission of enhancing global public health through reducing sugar consumption is resonating with families across North America.” Regulation D enables smaller private companies to sell securities without registering the offering with the Securities and Exchange Commission. This makes the process much faster and less costly than an initial public offering. Spence added Zevia has conducted periodic capital raises with Laird Norton and other investors in the past, but currently has no plans to do so again in the future. Zevia manufactures sugar-free and zero calorie beverages using stevia, a plant-derived leaf extract, as a natural sweetener. Its products can be found at retailers including Whole Foods Market, Safeway, Ralph’s, Walmart and CVS Pharmacy.

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