Olipop

Last updated

Olipop, Inc.
Company typePrivate
Industry Beverage
Founded2018
FoundersBen Goodwin
David Lester
HeadquartersUnited States
Revenue
  • Increase2.svg US$73.4 million (2022)
Website drinkolipop.com

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 revenue of $100 million for the first half of 2023. The drink's marketing claims that it improves gut health. [2]

Contents

The brand name Olipop is a portmanteau of the prebiotic fiber named oligosaccharide (oli), and "pop", a common name for a soft drink in the United States. [3]

History

Background

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

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, there were 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, 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. The drink is still produced today, albeit without the Minion or Despicable Me branding attached to it. [7]

In 2024, Olipop collaborated with Mattel to create a new flavor themed around Barbie. The flavor was peaches and cream and the can sported a design showing different pieces of Barbie iconography.

Operations

As of September 2023, 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]

Flavors

OLIPOP has developed a variety of flavors, including classic options, innovative blends and fruity selections:

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References

  1. ↑ 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.
  2. ↑ 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.
  3. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 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.
  4. ↑ 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.
  5. 1 2 3 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.
  6. 1 2 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.
  7. ↑ 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.
  8. ↑ 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.
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