US-based flavoured water maker Hint has secured $25 million in Series D financing in order to fuel its growth online and in retail locations across the country.
The financing was led by investment partnership Springboard Growth Capital (SGC), which is focused on providing visionary women founders with the capital to bold market-leading consumer brands. Kara Goldin founded Hint in San Francisco in 2005, as a healthy alternative to sugary, artificially sweetened drinks.
Hint water is said to be growing eight times faster than the category overall with retail sales growth exceeding 80 per cent in the past year.
It is reported that sales have continued to rise during the Covid-19 pandemic, with the company claiming that its omnichannel distribution strategy has driven compounded annual growth of 50 per cent for the past five years. Online sales have more than doubled this year
Amy Wildstein, co-founder and managing partner of SGC, added: “With Hint, we’ve found a brand that has successfully challenged the status quo to create a dynamic beverage category for the increasingly health conscious consumer. Hint’s strong platform of both online and retail distribution has proven to be a tremendous asset – especially in the current environment.”