Olipop
Introduced2018
Websitedrinkolipop.com

Olipop is a brand of soft drink.[1] It is sold in over 25,000 stores in the United States[2] and had a revenue of $100 million for the first half of 2023. It was created to be a "healthier" alternative to regular soft drinks.[3]

The brand name Olipop is a combination of the prebiotic fiber named oligosaccharide (oli), and "pop", a common name for a soft drink in the United States.[4]

History

Background

Ben Goodwin started developing a soft drink after leaving a kombucha company in 2008.[4] He spent about $300,000 of his personal savings into the drink, working in a makeshift lab with a microbiologist. The probiotic soft drink, named Obi, was created by 2012.[4] In 2013 Goodwin met with David Lester in a coffee shop, who had previously quit his job.[4] The two agreed to partner together in making Obi.[4] The two later sold Obi for an undisclosed amount after it failed to gain traction.[1][4] They then went on to work on Olipop.[1][4]

Olipop

Olipop was founded in 2018 by Ben Goodwin and David Lester with an initial investment of $100,000, taken from the sale of Obi.[1][4] The drink was first released in three flavours: ginger lemon, strawberry vanilla and cinnamon cola.[4] It sold in 40 grocery stores in its first year, in Northern California, and reached $852,000 in gross revenue. They later became on sale in Target and Walmart stores.[4] The company gathered $2.5 million in seed funding in 2019.[4]

A series B funding round was carried out in 2022, which raised $39.7 million. Funders included Gwyneth Paltrow, Mindy Kaling, and the Jonas Brothers.[4] Olipop reached $73.4 million in gross revenue in 2022,[4] $100 million in the first half of 2023.[4]

Operations

As of September 2023, Olipop has over 100 employees. The workforce is remote.[4] About 15–20% of Olipop's revenue is direct-to-consumer, through its website. Most of these sales are made through a subscription.[5] Olipop sells exclusively to the United States — it does not ship overseas.[4]

References

  1. 1 2 3 4 Chhabra, Esha. "Olipop Merges Profit and Purpose With $200 Million In Sales And A New B Corp Certification". Forbes. Retrieved 2023-11-24.
  2. ↑ Bova, Dan (2023-11-14). "How This College Dropout Co-Founded $200 Million OLIPOP". Entrepreneur. Retrieved 2023-11-24.
  3. ↑ Ludmir, Clara. "3 Lessons From The Co-Founder Of OLIPOP, America's Fastest-Growing Functional Beverage Brand". Forbes. Retrieved 2023-11-25.
  4. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 "How Olipop's founders turned a $100,000 investment into a 'healthier' soda brand bringing in $20 million a month". CNBC. 2023-09-16. Retrieved 2023-11-24.
  5. ↑ Ludmir, Clara. "3 Lessons From The Co-Founder Of OLIPOP, America's Fastest-Growing Functional Beverage Brand". Forbes. Retrieved 2023-11-25.
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