#Canada #Halifax #functional beverage #Cove Soda #Vanterra Ventures

Cove Soda Secures Major Investment for Growth

Cove Soda, a dynamic player in the functional carbonated soft drink market, recently announced the closing of a robust $15 million USD Series A funding round led by Vanterra Ventures, a notable venture capital firm recognized for its investment in forward-thinking consumer health companies. This strategic financial move also garnered support from prominent investors like RiverPark Ventures, The Chainsmokers, and other noteworthy personalities from the entertainment and sports industries, which reflects Cove's rising profile within the beverage sector.

Since its launch in 2023, Cove Soda has made an impressive mark with its zero-sugar probiotic sodas that have rapidly gained popularity across the U.S. and Canada. The brand can be found in over 7,000 retail outlets, including major names such as Costco, Target, Whole Foods Market, and Sprouts. Recently, the company strengthened its market reach through a pivotal partnership with Keurig Dr. Pepper (KDP) Canada, leveraging their extensive distribution network to further bolster Cove's market penetration.

John MacLellan, the Co-Founder and CEO, expressed confidence in this new collaboration, stating, "Cove represents the next wave of innovation in the $250 billion carbonated soft drink market.” This partnership allows the company to build on its momentum as they aim to introduce new flavors and hire talented professionals to support their growth objectives.

Cove Soda was founded by brothers John and Ryan MacLellan in Halifax, Nova Scotia, stemming from their desire for healthier refreshment options reminiscent of their childhood. Ryan, who serves as the Chief Innovation Officer, focuses on crafting flavors that not only deliver nostalgia but also functionality. This unique approach is central to Cove's mission of offering healthier alternatives without sacrificing taste.

With the recent funding, Cove is poised to enhance its product portfolio and expand its footprint in the North American market. The brand has already captivated consumers with its delicious flavors that stand out in the crowded beverage space—a crucial factor that has contributed to its rapid growth.

The market landscape for carbonated beverages is shifting, and companies like Cove Soda are leading this transformation by providing innovative and health-conscious options. According to Ellis Fried, a Principal at Vanterra Ventures, Cove's approach is a perfect example of targeting massive markets within consumer health. "Cove is emblematic of our strategy as it brings the world's first zero-sugar functional soda to market with delicious, nostalgic flavors,” he commented, further reinforcing Cove's credibility and attractiveness to investors and consumers alike.

Consumers eager to try Cove Soda can find it available on Amazon and at thousands of retailers throughout North America. To keep abreast of Cove's latest developments, product launches, and other news, visitors can check out their official website at www.covedrinks.com and follow them on Instagram and TikTok.

As Cove Soda continues its upward trajectory, it is clear that this innovative brand is ready to make a significant impact in the beverage industry, offering functional drinks that cater to health-conscious consumers without compromising on taste.