VICTOR, N.Y. — Beer maker Constellation Brands has acquired a minority stake in Hop Wtr, a non-alcohol, calorie-free sparkling water.
Nick Taranto and Jordan Bass founded Los Angeles-based Hop Wtr in 2020. They created the drink as a beer alternative, and it is made with hops to remind customers of an IPA. The beverage is made with adaptogens and nootropics including L-Theanine and ashwagandha to provide a balance of function and flavor for health-conscious consumers, according to the company.
Constellation’s venture capital group made the investment, and Hop Wtr remains independently owned.
“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 of 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 non-alcohol segment of total beverage alcohol grew 37% in 2020, Constellation said, citing NielsenIQ data.
This isn’t the first time the Victor, N.Y.-based company invested in non-alcohol beverages. It also has a stake in Smiths Falls, Ontario-based cannabis company Canopy Growth Corp.
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