Pernod invests in alcohol-free retailer Boisson
US non-alcoholic retailer Boisson has received US$5 million in funding from Pernod Ricard and Connect Ventures to fuel its global expansion.
Pernod Ricard’s venture capital arm, Convivialité Ventures, and Connect Ventures have pledged the funding as part of a US$5m bridge round.
Connect Ventures is a partnership between entertainment and sports agency Creative Artists Agency and global venture capital firm New Enterprise Associates.
“Boisson plays a key role in the fast-growing non-alcoholic category, by discovering and curating the best NA [no-alcohol] brands for consumers,” said Brandon Yahn, partner at Convivialité Ventures.
“The company helps the leading NA brands expand their business across Boisson’s retail, e-commerce and growing wholesale channels. We are thrilled to work closely with them on the next stage of their journey.”
The investment will be used to help Boisson expand both in the US and internationally.
“Since day one, Boisson’s mission has been to bring elevated NA offerings to the masses and we are excited to use this new investment to continue expanding our store footprint and product assortment,” said Nick Bodkins, co-founder and president of Boisson.
Launched in New York City in 2021, Boisson has since expanded to eight stores across New York, Los Angeles and San Francisco, with a ninth store in Miami coming soon.
The retailer has ‘rapidly’ grown its e-commerce platform and has worked with online marketplace Drizly.
Boisson increased its revenue by 300% last year, compared with 2021. The firm is on track for triple-digit growth in 2023.
Boisson, which is described as the largest non-alcoholic beverage retailer, has also appointed Sheetal Aiyer as its CEO.
“I am thrilled to pass the CEO baton over to Sheetal at this pivotal time as we continue to lead the category forward and normalise NA drinking within our culture,” Bodkins continued.
Aiyer previously served as principal and founder of Vik Charles Consulting, where he helped scale companies including Marie Veronique skincare, Cardinal Spirits, Eureka Heights Brewing Company and Sixpoint Brewery.
“I’m grateful for the opportunity to lead what is already the pre-eminent tastemaker and omnichannel platform for the NA space and believe the opportunities ahead for Boisson are profound,” Aiyer added.
“I’m thankful for Nick’s thought leadership and vision and look forward to working alongside him and the rest of the team to continue evolving the way the world drinks.”
Bodkins will continue to oversee the company’s long-term vision and look for opportunities to expand the business globally.
The value of the no- and low-alcohol category in 2022 surpassed US$11 billion in 10 key markets, according to IWSR Drinks Market Analysis.