Water brand Lemon Perfect raises $6.6m in funding

Californian start-up Lemon Perfect has secured $6.6 million in funding, which it will use to accelerate the growth of its cold-pressed lemon water.

Notable investors in the round include NBA stars Channing Frye and Nick “Swaggy P” Young, former COO of Bai Brands, Barak Bar-Cohen, and ESPN’s Jordan Schultz.

Founded in 2017, Lemon Perfect is a zero-sugar cold-pressed lemon water brand with electrolytes and essential antioxidants and a goal to be at the forefront of the better-for-you movement.

The certified organic drink is available on Amazon and in about 3,000 stores in California including 7-Eleven, Target and Whole Foods Market. Between February and July 2020, the brand claims it has seen an 809% increase in sales.

Lemon Perfect said it will use the capital to fund distribution growth, increase marketing support and recruit key talent.

“The early investor enthusiasm for Lemon Perfect has been energising and humbling,” said Yanni Hufnagel, Lemon Perfect’s founder and CEO.

He added: “The brand is resonating broadly across multiple demographics, and that diversity is well represented by our investors.”

Other investor funds that participated in the round include Beechwood Capital, The Big Squeeze, Goat Rodeo Capital, LivWell Ventures and Skyview Capital.

“We are extremely excited to be partnering with Yanni. Lemon Perfect has that winning combination that is so difficult to find: an incredible product, an amazing team, and a massive market opportunity,” said Alex Soltani, Skyview Capital’s chairman and CEO.

The financing round comes after the start-up secured a distribution deal with New York’s Big Geyser in February, a US distributors of premium non-alcoholic beverages and snacks.

Hufnagel added: “Our goal at Lemon Perfect is to be at the forefront of the better-for-you, for everyone movement by building products that meet at the intersection of flavour and good-for-you. That so many tastemakers and industry insiders share our vision of disrupting an American beverage ecosystem still largely dominated by high-calorie, high-sugar options is very motivating.”