Partake Brewing, a Canadian non-alcoholic beverage brand has raised $4 million in institutional funding as it banks on consumers turning towards alternative drinking options.
"I think the big reason for our success and for the renaissance of craft [non-alcoholic] is this drive toward healthier drinking and eating," Partake Brewing CEO Ted Fleming told Cheddar.
Partake is banking on more consumers choosing non-alcoholic options at moments usually associated with drinking beer or wine, such as a happy hour event or party.
"They can have it at lunch and be productive in the afternoon when they get back to work," he said. "They can have it at a business meeting and have that same social experience and connection that comes with those meetings and also then be able to go back and be productive."
Fleming said Partake aims to compete directly with alcoholic options, rather than soda or other non-alcoholic drinks, meaning it's shooting for a larger presence in bars as well as retailers.
While alcohol consumption grew during the coronavirus pandemic, Partake saw its sales rise as well, and now the company is anticipating an uptick thanks to health-consciousness.
"We're expecting there to be a bit of shift now toward healthier products as people get into September, back to school, some resemblance of back to normal," Fleming said. "It's a period where people will re-evaluate how much they're drinking and maybe look towards non-alc a bit more going forward."
Partake's products, which include beer varieties such as IPAs, stouts, pale ales, and blondes, contain zero carbohydrates and as few as 10 calories per drink.
CEOs of social media platforms like Facebook, TikTok, and more meet with lawmakers Wednesday about how they are protecting children from sexual exploitation.
San Francisco 49ers president Al Guido discusses what goes into preparing for Super Bowl LVIII, building a championship-ready team, and how Taylor Swift and streaming are both bringing new fans to the NFL.
A $1 billion loss from a six-week strike did not crash GM's net income last year, which instead rose 12% — and the automaker expects improvement in 2024, too.
Accrue CEO and founder Michael Hershfield explains why Americans' credit card delinquencies are on the rise, advice on what can help, and the key difference between Boomers and Gen Z when it comes to money.
Senior Economist at Morning Consult Kayla Bruun shares thoughts on what to expect from the Fed's January meeting and where monetary policy is headed, as well as how consumers are faring.
Former Medtronic CEO and author of 'True North' Bill George explains the steps Boeing leadership must take to regain client and consumer trust after 737 Max 9 production was stopped.
Amazon blamed "regulatory hurdles" for calling off its proposed acquisition of robot vacuum maker iRobot. Not even a Roomba could clean up the deal's antitrust scrutiny.
To celebrate Flutter Entertainment's debut on the NYSE, FanDuel CEO Amy Howe shares her thoughts on the company's plans for growth, the future of online sportsbetting, and Super Bowl Sunday.
Investopedia's Caleb Silver shares thoughts on the upcoming Fed meeting, why individual investors are still slightly skeptical, and what he's looking for from mega cap tech earnings.
