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Travis And Jason Kelce’s Garage Beer Gets $200 Million Valuation
Courtesy of Garage Beer
Garage Beer, the beer brand backed and fronted by NFL stars Travis and Jason Kelce, has scored a $200 million valuation in its first funding round.
The Big Gulp: Beer has been losing its market buzz in recent years as Gen Z and millennials focus more on health and wellness. And when they do drink, they’re reaching instead for trendier options like canned cocktails and hard seltzers. Brands that can bubble to the top of mind with these consumers are becoming a hot commodity.
Behind The Cans: The Kelce brothers have the Midas touch.
Garage Beer has received an undisclosed amount of funding from Durational Capital Management, which will be used for marketing and expanding the brand’s footprint.
As part of the deal, Bill Hacket, the former head of beer at Constellation Brands (Modelo, Corona), is joining the board of directors.
Garage Beer is on the up and up, with revenue expected to hit close to $70 million this year, which is a big step up from $20 million last year.
Last Sip: Garage Beer has three things going for it that have made the brand a formidable player: 1) the Kelce brothers, who are hands-on with every aspect of the business, 2) strong social media engagement, including a commitment to respond to every message, and 3) its flagship light beer, which aligns perfectly with current beverage trends (Michelob Ultra is a bestseller right now). It’s a similar playbook to Tom Holland’s non-alcoholic Beero, which targets the growing sober and sober-curious market.
Next Round: While IPAs were the top beer trend of the 2010s, expect breweries and brands to now double down on crafting the tastiest versions of the lightest beers possible in an effort to juice demand.
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Today’s email was written by David Vendrell.
Edited, Polled, and Copy-edited by Kait Cunniff.
Published by Darline Salazar.