AVEC, a Brooklyn, New York-based provider of cocktail mixers, has secured $1.2 million in funding. Gather Ventures led the round.
NEW YORK, NY (October 14, 2021) — AVEC – a line of Brooklyn-based better-for-you cocktail mixers – announces its pre-seed investment of $1.2M, led by plant-based VC Gather Ventures. Other notable AVEC investors include Pharrell Williams’ Black Ambition, former senior executives from Diageo and DTC brands like Dollar Shave Club, and funds like Gaingels, Columbia Business School’s Lang Fund, SKU’d Ventures and Amplifiher.
The initial round will finance AVEC’s further growth and expansion – on its mission to “drink better, together.” The purpose-led brand has challenged conventions by taking dramatic steps to reduce sugar while relying on only real ingredients, led by a diverse founding team – all pushing the culture of drinking to evolve. The financing will enable the company to expand distribution along the East Coast, continue to grow its DTC business nationally, support product innovation, and fuel strategic partnerships.
Co-founded by Columbia Business School classmates – native New Yorker/WOC Denetrias ‘Dee’ Charlemagne and UK native Alex Doman – AVEC’s full-flavored, low sugar (<4g) & low calorie (<20 cals) canned mixers have been embraced by the increasingly wellness focused consumer, celebrated for their use of real juices, botanicals and spices.
In globally inspired flavors like Yuzu & Lime, Hibiscus & Pomegranate and Jalapeño & Blood Orange, AVEC offers better-for-you alternatives to common mixers like tonic water, ginger beers and juices – elevating the drinking experience whether enjoyed with a spirit or on its own. With this innovative approach to the mixer category, AVEC has been recognized in Fast Company, T Magazine, Food & Wine, Gear Patrol, VinePair podcast, The New York Times, and more.
AVEC proudly joins other progressive, plant-based brands in Gather Ventures portfolio such as The Beet, Mosaic and Brami.
“AVEC’s delicious, natural and better-for-you product got us in the door, but we stayed for Dee and Alex’s passion for this quickly growing space and determination to be at the forefront of the paradigm shift in the way people approach the drinking occasion. We are very excited to kick off our partnership and get plant-based, low-sugar cans in hands across the country.” – Adam Slutsky, Managing Partner, Gather Ventures.
“We are incredibly excited to partner up with Gather Ventures (as well as other exciting investors such as Gaingels & Black Ambition) on our mission to drink better. We are passionate about creating drinks that are packed with flavor, using whole ingredients as mother nature intended, and that are dramatically less sugar than the alternative,” adds Doman.
The Gather Ventures investment follows an exciting first year of growth since AVEC’s debut in June 2020 amid the pandemic, including a robust DTC business and garnering over 100 retail partners, totaling the sale of over 100,000 cans. The investment follows existing individual investors, friends and family fundraising efforts, as well as a recent prize from Pharell William’s Black Ambition program that funds bold ideas and companies led by Black and Latinx entrepreneurs.
Says Charlemagne, “I have always had affinity for brands that stood for something, had clear values and were bold. AVEC is responding to the need to update adult drinking culture while still celebrating everything it stands for– connecting with others, having meaningful conversations and bringing together a diverse group of people. We are proud to have a diverse group of investors and personally, I am psyched to join the ranks of a growing number of black women who have secured $1 million in investor backing for their business.”
About Gather Ventures | www.gatherventures.com
Founded in 2019, Gather Ventures is an early-stage venture capital firm focused exclusively on the plant-based sector. Gather Ventures believes that investing in transformative founders of plant-based businesses will create valuable economic opportunities in addition to being one of the best things they can do to improve human health and the health of the planet.