Onda Tequila seltzer secures $12.5m investmentBy Nicola Carruthers
Tequila-based seltzer brand Onda, co-founded by actor Shay Mitchell, has received a US$12.5 million investment to fuel its expansion.
Onda was founded in July 2020 by Canadian actor Mitchell, who is chief brand officer, along with Noah Gray (CEO), Max Dworin (chief operating officer) and Kelli Adams (chief creative officer).
Onda is made from a blend of blanco Tequila, sparkling water, and fruit juice. Each 355ml can carries an ABV of 5% and contains 100 calories.
The Paradise range includes four flavours: mango, passionfruit, pineapple and strawberry. Meanwhile, the Classic Collection comprises lime, grapefruit, watermelon and blood orange.
The US$12.5m investment was led by the company’s existing investors, Aria Growth Partners and Deep Eddy Vodka co-founder Clayton Christopher. Existing partner 25Madison also participated in the funding.
Trevor Nelson, co-founder at Aria Growth Partners, said: “As the clear leader in premium Tequila seltzer, Onda’s elevated brand and refreshing taste are bringing a whole new group of consumers into the market while offering existing ready-to-drink consumers a more enjoyable and satisfying option.”
Furthermore, the brand has revealed a strategic partnership with fashion retailer Revolve as the company’s ‘exclusive Tequila seltzer’.
“We want this brand to be accessible yet aspirational,” explained Pretty Little Liars star Mitchell.
“As a multi-dimensional company with such a strong social footprint, Revolve is the perfect partner to help us continue to scale and tell that story.”
Michael Mente, Revolve’s CEO, and Raissa Gerona, Revolve’s chief brand officer, have also invested in the company alongside 12 other ‘high-profile’ athletes, musicians and entertainers.
Gray added: “Over the past two years, a passionate community has formed around Onda, including some of the most well-known figures in music, sports, fashion and culture at large.
“This financing allowed many of them to become co-owners of the brand. We look forward to working with both our new and existing partners to accelerate Onda’s next phase of growth.”
The chairman of the board for Onda is ex-Moët Hennessy North America CEO Jim Clerkin, co-founder of brand-building company Demeter & Co.