Beyoncé is adding a new venture to her portfolio, as the singer recently invested in a new start-up beverage brand.
According to Food Business News, Lemon Perfect acquired $31 million in Series A financing thanks to investors, such as Beyoncé. This means the brand has over $42 million in funding a valuation of $100 million.
Lemon Perfect advertises itself as a “new squeeze on hydration.” The brand was founded in 2017 by Yanni Hufnagel who sought to bring a deliciously healthy and hydrating beverage to life.
“Lemon Perfect is a super-refreshing, full-flavored, hydrating lemon water with no sugar, artificial flavors or sweeteners,” the brand’s website explains. “We squeeze half an organic lemon into every bottle to make superfruit hydration more convenient, delicious and blissful.”
The brand offers a variety of different flavors, including lemon, dragon fruit mango, blueberry acai, and peach raspberry. Each drink is infused with electrolytes and antioxidants to support hydration.
Lemon Perfect saw a spike in popularity in 2020 after Beyoncé shared a photo of herself inside a limo featuring a bottle of the brand’s dragon fruit mango flavor.
The company’s founder directly credits Beyonce’s influence for the success of the brand thus far. “She had posted a photo with it in her limo, and all of a sudden my phone blew up,” Hufnagel explained. “We came to learn that she was an authentic fan of the brand.
He continued, “A year later, one of our investors was in her house and saw her stash in the fridge and helped us build the bridge with her. It is beyond my wildest dreams to have someone of her influence being a fan of the brand.”
Lemon Perfect confirmed on Thursday that Beyoncé invested in the brand during their latest financing round. It’s suspected she made a seven-figure investment, though an exact number hasn’t been confirmed. Other backers in the company include Beechwood Capital, Goat Rodeo Capital, and Trousdale Ventures.
“I don’t typically enjoy drinks without added sugar, but Lemon Perfect is delicious,” Beyoncé said in a statement of why she invested in the brand.
“It was an easy decision to invest in something that not only tastes great and is healthy, but also, and most importantly, allows choosing a healthier lifestyle to be affordable and accessible to everyone,” she continued.
Things were looking good for Lemon Perfect even before its Series A financing. Last year alone, the company quadrupled its profits for a total revenue of $21 million. Hufnagel believes it can do the same this year, as he predicts a revenue of $60 million in 2022. They also hope to expand their team, which currently consists of 70 employees.
Sources: Lemon Perfect, Tech Crunch, Food Business News,