Olipop is a soft drink produced in the United States. It is sold in over 25,000 stores in the United States[1] and the company had a revenue of $100 million for the first half of 2023. The drink's marketing claims that it improves gut health, although skeptics suggest that it is not better than having a balanced diet.[2]
 | |
| Industry | Beverage |
|---|---|
| Founded | 2018 |
| Revenue |
|
| Website | drinkolipop |
The brand name Olipop is a combination of the prebiotic fiber named oligosaccharide (oli), and "pop", a common name for a soft drink in the United States.[3]
History edit
Background edit
Ben Goodwin started developing a soft drink after leaving a kombucha company in 2008.[3] He spent about $300,000 of his personal savings into the drink, working in a makeshift lab with a microbiologist. The probiotic soft drink, named Obi, was created by 2012.[3] In 2013 Goodwin met with David Lester in a coffee shop, who had previously quit his job.[3] The two agreed to partner together in making Obi.[3] In 2016 the two sold Obi for an undisclosed amount after it failed to gain traction.[3][4] They then went on to work on Olipop.[3]
Olipop edit
Olipop was founded in 2018 by Ben Goodwin and David Lester with an initial investment of $100,000, taken from the sale of Obi.[3] The drink was first released in three flavours: ginger lemon, strawberry vanilla and cinnamon cola.[3] It sold in 40 grocery stores in its first year, in Northern California, and reached $852,000 in gross revenue. They later became on sale in Target and Walmart stores.[3] The company gathered $2.5 million in seed funding in 2019.[3] As of April 2023[update], there are 12 Olipop flavors; in April 2024, there were 16 at Olipop's website.[5]
A series B funding round was carried out in 2022, which raised $39.7 million. Funders included Gwyneth Paltrow, Mindy Kaling, and the Jonas Brothers.[3] As of January 2023[update], Olipop raised a total of $55.4 million in funding.[5] Olipop reached $73.4 million in gross revenue in 2022,[3] a 223% year increase;[6] and it reached $100 million gross revenue in the first half of 2023.[3] According to Goodwin, sales of root beer Olipop has overtaken those of A&W.[5][6]
In 2022, Olipop created a banana cream flavor which was branded with Minions characters.[7]
Operations edit
As of September 2023[update], Olipop has over 100 employees. The workforce is remote.[3] Olipop offers a subscription which sends customers a box of drinks every few weeks.[8] Olipop sells exclusively to the United States and does not ship overseas.[3]
References edit
- ^ Bova, Dan (November 14, 2023). "How This College Dropout Co-Founded $200 Million OLIPOP". Entrepreneur. Archived from the original on November 24, 2023. Retrieved November 24, 2023.
- ^ Amenabar, Teddy; O'Connor, Anahad (April 3, 2023). "Prebiotic sodas claim to boost your health. Experts are skeptical". The Washington Post. Archived from the original on August 9, 2023. Retrieved December 26, 2023.
- ^ a b c d e f g h i j k l m n o p Smith, Morgan; Shamo, Lauren (September 16, 2023). "How Olipop's founders turned a $100,000 investment into a 'healthier' soda brand bringing in $20 million a month". CNBC. Archived from the original on November 22, 2023. Retrieved November 24, 2023.
- ^ Kirol, Payton (December 18, 2023). "Olipop's 38-year-old founder reveals his daily routine". Fortune Well. Archived from the original on December 26, 2023. Retrieved December 26, 2023.
- ^ a b c Lucas, Amelia (April 29, 2023). "Prebiotic soda Olipop approaches $200 million in annual sales — and CEO says Coca-Cola and PepsiCo have already come knocking". CNBC. Archived from the original on January 3, 2024. Retrieved January 3, 2024.
- ^ a b Kilmister, Angel (March 8, 2023). "OLIPOP's Prebiotic Root Beer Is Now More Popular Than A&W". Vice. Archived from the original on January 3, 2024. Retrieved January 3, 2024.
- ^ Kilmister, Angel (June 29, 2022). "I Tried the Minion Olipop Soda and Can Confirm It Slaps". Vice. Archived from the original on January 3, 2024. Retrieved January 3, 2024.
- ^ Rosmarin, Remi; Chen, Connie; Brains, James (December 13, 2023). "The 57 best subscription boxes you can gift in 2023". Business Insider. Archived from the original on January 3, 2024. Retrieved January 3, 2024.