🟣 Issue No. 42: Olipop

The Secret Behind Olipop’s $1.85B Valuation: Reinventing Soda, Building a Wellness Movement, and Scaling to 50,000 Retail Locations in Record Time.

Author

Kunle Campbell
February 14, 2025

Sponsored by

wellness commerce insights

Stop Wasting Time, Automate Everything in 2025

eCommerce success shouldn’t rely on endless manual tasks. If you’re still handling complex stock monitoring, order processing, customer service, or data entry by hand, you’re falling behind. That’s where AI-powered automation comes in.

My agency specializes in commerce workflow automation—using n8n, Make, Zapier, Shopify Flow, Mesa and many other platforms to streamline everything in operations to marketing. They even build custom AI agents tailored for Commerce. Guaranteed results or your money back.

Don’t let inefficiency hold you back.
📞 Book a call now 
and automate your way to growth.

Keep reading…

$100M BRAND STORY

How Olipop Became a $1.85B Beverage Powerhouse

Olipop isn’t just another soda brand—it’s a $1.85B disruptor rewriting the rules of the beverage industry. Founded in 2018, Olipop has become one of the fastest-growing beverage brands in history, hitting $500M in sales in just six years.

With a mission to reinvent soda as a healthy indulgence, Olipop combines nostalgia with functional benefits like prebiotics, plant fibers, and low sugar. Their recent $50M funding round from J.P. Morgan signals even bigger ambitions ahead. So, how did they get here? Let’s dive in.

Are They Funded or Bootstrapped?

Olipop began as a bootstrapped venture, with founders Ben Goodwin and David Lester leveraging their personal resources and expertise in food science and marketing to launch the brand in 2017. Their initial focus was on perfecting the product and securing early retail placements, such as Whole Foods, before seeking external funding.

By 2020, Olipop had gained enough traction to attract institutional investors, securing its first major funding round. This marked the beginning of a series of successful raises, including a $30M Series B in 2022, which valued the company at $200M. The most recent $50M Series C round in 2025, led by J.P. Morgan Growth Equity Partners, has pushed Olipop’s valuation to $1.85B.

Olipop’s Cap Table

While detailed cap table data isn’t publicly available, here’s what we know about Olipop’s funding and ownership structure:

  1. Seed Investors: Early backers, including Collaborative Fund, held a significant stake, estimated at 28% initially. Dilution from subsequent funding rounds has reduced their ownership to approximately 13%.

  2. Series B Investors: The $30M Series B round in 2022 included celebrity investors like Gwyneth Paltrow, the Jonas Brothers, and former PepsiCo CEO Indra Nooyi.

  3. Series C Investors: J.P. Morgan Growth Equity Partners led the $50M Series C round in 2025, with Christopher Dawe joining Olipop’s board as part of the deal.

  4. Founders: Ben Goodwin and David Lester remain key stakeholders, though David Lester has transitioned to an advisory role on the board.

  5. Management and Employees: EquityZen’s platform indicates that early employees and management hold shares, which are occasionally sold on secondary markets to accredited investors.

Their Origin Story

Ben Goodwin, a food scientist, and David Lester, a marketer, bonded over their shared frustration with the soda industry. They saw a gap: consumers wanted healthier options but weren’t willing to sacrifice taste or nostalgia.

The duo spent years perfecting their formula, blending prebiotics and plant fibers to create a soda that supports gut health. Their “aha” moment came when they realized they could tap into the growing demand for functional beverages while appealing to soda lovers’ cravings.

Core Customer Base

Olipop’s customers are a mix of health-conscious millennials, Gen Z, and even legacy soda drinkers looking for a better alternative.

  • Demographics: Primarily aged 25-45, urban and suburban, with a focus on wellness.

  • Psychographics: They value transparency, sustainability, and products that align with their lifestyle.

  • 1 in 4 Gen Z consumers drinks Olipop, and 50% of their growth comes from Coke and Pepsi drinkers switching over.

How Did They Grow So Sustainably?

Olipop’s growth strategy is a masterclass in scaling smartly:

  1. Distribution First: They started in Whole Foods and quickly expanded to Walmart, Target, and convenience stores. Today, they’re in nearly 50,000 retail locations.

  2. DTC Expansion: Their direct-to-consumer platform allows them to test new flavors and gather customer feedback in real time.

  3. Community Building: They’ve cultivated a loyal fanbase through social media, influencer partnerships, and a strong brand narrative.

Key Milestones

  • 2018: Launched with 3 flavors in Whole Foods.

  • 2020: Secured first major funding round.

  • 2023: Hit $200M in revenue.

  • 2024: Became profitable while growing at triple-digit rates.

  • 2025: Reached $500M in sales and secured $50M from J.P. Morgan.

Their Influencer Marketing Mix

Olipop’s influencer strategy is a blend of celebrity endorsements and grassroots advocacy:

  • Celebrities: Gwyneth Paltrow and the Jonas Brothers have publicly endorsed the brand.

  • Macro Influencers: Fitness and wellness influencers like Hannah Bronfman have amplified their reach.

  • Micro/Nano Influencers: Everyday consumers share their love for Olipop on TikTok and Instagram, creating a viral loop.

Their Marketing X-Factor

Olipop’s marketing genius lies in its ability to blend nostalgia with innovation.

  • Nostalgic Packaging: Their cans evoke the feel of classic sodas, making them instantly familiar.

  • Functional Benefits: They’ve positioned themselves as a “Trojan horse for health,” appealing to both wellness enthusiasts and soda lovers.

  • Community-Driven Campaigns: Their “#DrinkOlipop” campaign turned customers into brand advocates.

Takeaways for Wellness Brand Operators

  1. Solve a Real Problem: Olipop didn’t just create a new product—they solved a pain point for soda lovers who wanted healthier options.

  2. Distribution is Key: Scaling retail presence early can accelerate growth.

  3. Build a Community: Loyal customers are your best marketers.

  4. Leverage Influencers Strategically: A mix of celebs, macros, and micros can amplify your reach authentically.

  5. Stay Mission-Driven: Olipop’s focus on gut health and sustainability resonates deeply with their audience.

Final Thought

Olipop’s rise is a testament to the power of innovation, community, and relentless execution. For wellness brands, their story is a blueprint for scaling sustainably while staying true to your mission.

What’s your take on Olipop’s success? Hit reply and let me know—I’d love to hear your thoughts.

Until next week,
Kunle 
Conscious Commerce

P.S. Thinking about implementing some of these strategies in your own brand?
Let’s talk.

Participate in running research with RunDot and get two free months of run training

It is an annual research initiative that uses optimized run training to help runners reach their true potential.

Why should you join?

RunDot athletes improve their running abilities, on average, 3.2x more than non-users, and experience performance improvements in 30% less training time.

Qualified participants also receive 2 free months of run training.

Do you qualify?

You are a good fit if you check these boxes:

  • You train with a GPS-enabled device

  • You have not used RunDot or TriDot in the last 12 months

  • You are not a professional runner

  • You are enthusiastic and motivated to accomplish your running goals

Do you meet these criteria?

On the Pod 🎧

Lastest episodes:

ADVERTISE WITH US

Interested in advertising?

Connect with our highly engaged community of Wellness Commerce operators and execs.

How did you like today's newsletter?

Login or Subscribe to participate in polls.