Canadian beverage start-up Cove Kombucha has secured $1.2 million in a seed funding round, in a move to expand its kombucha business as the market demand rises.
The investment round was led by Canaccord Genuity Wealth Management, a Vancouver-based investment bank.
Cove Kombucha founders, the MacLellan brothers, target their kombucha portfolio to the increasing number of informed consumers in search of healthier and lower sugar alternatives to traditional juices and sodas.
Co-founder and CEO of Cove Kombucha, John MacLellan, said: “The kombucha market is quickly maturing and transitioning from a specialty food and beverage product to fridge staple for many Canadians.”
MacLellan added: “This investment round will empower us to share our better-for-you beverages with even more people. The funding brings more innovative freedom, the ability to hire talented people, and will allow us tolaunch Canada’s first ever CBD Kombucha.We believe this is the beginning of New Age beverages 2.0.”
The brand’s current portfolio features a variety of flavours of kombucha, with plans to release its newly developed CBD-infused kombucha in December, since the passing government legislation for CBD edibles.
Its products with natural probioitic health benefits can be found in various retail locations across Canada, including large retailers such as Whole Foods Market, Costco Wholesale and Sobeys.
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