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Bloomberg
Kitu Life Inc, the startup behind Super Coffee that counts Jennifer Lopez and Alex Rodriguez among its investors, has more than doubled its valuation to over $500 million with its latest round of funding.
Henry Ellenbogen’s Durable Capital Partners led the $106 million round. Other participants include LivWell Ventures, the family office of Nutrabolt Chief Executive Officer Doss Cunningham, 7-Eleven Inc’s venture arm, Boston Beer Co CEO Dave Burwick, former Anheuser-Busch President Dave Peacock, Deep Eddy Vodka and Sweet Leaf Tea Co co-founder Clayton Christopher, and former Amplify Snack Brands Chief Financial Officer Brian Goldberg.
“We’ve come a long way from our little brother’s dorm room,†Chief Executive Officer Jim DeCicco said. He co-founded Kitu Life in 2016 with his brothers, Jake, now chief revenue officer, and Jordan, the company’s chief operating officer. Super Coffee is currently available in only 40% of US retail outlets. he said.
“This partnership with Durable will fuel our distribution expansion, while allowing us to invest in national advertising and brand-building efforts.â€
The company, which describes itself as the third-largest manufacturer of bottled coffee in the US, behind Starbucks Corp and Dunkin’ Brands Group Inc, plans to use its fresh funding to build out distribution within convenience and mass channels.