OAKLAND, CALIF. — The better-for-you soda company Olipop has closed a $50 million Series C funding round that gives the business a valuation $1.85 billion. The funding round was led by J.P. Morgan Private Capital’s Growth Equity Partners.

 “(It’s) a testament to the innovation breakthroughs and momentum we have demonstrated as the founders of the modern soda category,” said Ben Goodwin, chief executive officer and co-founder of Olipop.

The company previously was valued at $200 million in 2022 following its $30 million Series B funding round. 

To further its advancement in the market, the company said it will continue to focus on product development, expand marketing efforts and diversify distribution channels. Other investments include expanding its retail presence and adding flavors. Olipop’s sodas are formulated with a blend of botanicals, plant fibers and prebiotics.

The company also has named Melvin Landis as president. He most recently was a strategic advisor to Olipop as well as the beverage company Swoon. Before that he had been chief customer officer of Bodyarmor from 2019 to 2022. He also worked for The Coca-Cola Co. for more than 8 years in a variety of roles, including senior vice president of business transformation and president of the company’s Minute Maid business unit.

David Lester, the company’s co-founder, is exiting his operational role and is joining the board of directors in an advisory position. 

“Olipop is one of the fastest growing beverage companies to reach this scale and is redefining the category by offering a premium alternative that resonates with today’s health-conscious consumer,” said Christopher Dawe, managing partner of J.P. Morgan Growth Equity Partners, who will join the board of directors as part of the transaction. “The brand’s authenticity, mission-driven team and enormous market opportunity resonated with us.”