Celebrity Investors While Raising $31 Million in New Funding
Austin, Texas – Austin-based ready-to-drink cocktail company, and purveyors of premium spirit-based canned cocktails, CANTEEN Spirits and CANTINA, announced today that it has raised $31 million (USD) in financing of both debt and equity led by ATX Global Coninvest, a subsidiary of ATX Venture Partners. The funds will be used to accelerate national expansion, to bolster brand recognition for its products and keep pace with the growing popularity of CANTEEN’s ready-to-drink cocktails. The CANTEEN Spirits team also recently launched CANTINA tequila soda, a new line of ready-to-drink canned cocktails made from premium blue weber agave in the heart of Tequila, Jalisco in Mexico.
“Given the dynamics of the ever evolving seltzer and ready-to-drink space, we are confident that CANTEEN Spirits and CANTINA are positioned for success,” says Chris Shonk, Partner and Co-founder of ATX Venture Partners. “Nothing this big has been done this fast before. To assemble a veteran team of beverage experts, already positioned as an RTD market leader in vodka and capitalize them to now expand that dominance into tequila is incredible. Our partnership is prepared to extend limitless capital to this team to continue to press their advantage.”
Since its launch in 2019, CANTEEN Spirits has become a brand to watch in the category with lightning-fast growth, selling 517,000 cases in 2020 alone. Additionally, the brand received a 2020 Impact Hot Brand Award. CANTEEN saw early success in the market and also in fundraising, having closed several rounds of funding previously with notable investors from pop and country music including Maren Morris and Ryan Hurd, Brooklyn Decker, Bobby Bones, Chase Rice, Kelleigh Bannon, Andy Roddick, Cody Johnson, Josh Abbott, Koe Wetzel, Randy Rogers, Wade Bowen and more.
The excitement surrounding the brand is tangible, with notable artists and celebrities acting as both consumers and investors. “As a Texan, I loved getting to invest in both brands early on because they are products I believe in,” says country singer and GRAMMY award winner, Maren Morris. “I was particularly excited about CANTINA, as I’m a tequila lover. It’s refreshing and not too sweet, and you can enjoy a couple without feeling like you’re throwing your diet off balance for the week. My favorite is a two-way tie between the Paloma and Ranch Water.”
To accommodate the significant growth, CANTEEN Spirits will open its initial 50,000 sq. foot production facility in southwest Austin, Texas. Austin has been one of the fastest-growing metropolitan areas in the nation for 8 consecutive years (source: U.S. Census Bureau). CANTEEN Spirits will be one of the brands contributing to the city’s economic growth with the new facility in full operation by June of 2021. The location will provide easy access to highways across the U.S. which will help significantly with logistics and distribution.
“We are thrilled to announce this next stage of growth for CANTEEN Spirits,” says Brandon Cason CEO of CANTEEN Spirits. “From our own backyard of Austin, Texas, the new space will help us meet increasing demands, with plans to produce four million cases of CANTEEN, CANTINA and other related products over the next 12 months.”
CANTEEN is currently available in over 50,000 accounts in all 50 states as well as Drizly. The new CANTINA tequila soda is already available in over 10,000 accounts in 42 states, which is a growth rate twice as fast as any previously launched tequila-based RTD cocktail.
About CANTEEN Spirits
CANTEEN Spirits is a line of better-for-you, ready-to-drink spirits brands, specializing in sparkling soda lines mixed with real vodka and tequila. Made with all-natural flavors, CANTEEN Spirits portfolio includes CANTEEN Vodka Soda and CANTINA Tequila canned soda. Each line boasts an impressive list of healthy alternatives in their ingredients and approach, making it the better drink choice for the new explorer, wherever your adventure may take you. To learn more, visit and www.drinkcanteen.com and www.cantinaspirits.com and follow on Instagram at @CanteenSpirits and @CantinaSpirits.
About ATX Global Coinvest
ATX Global Coinvest is an early-stage venture capital firm specializing in Texas and the South-Central U.S. ATX was created by expert entrepreneurs to serve emerging entrepreneurs. The firm was founded in 2014 and is based in Austin, Texas. Visit www.atxventurepartners.com and follow on Instagram at @atxventurepartners and on twitter at @atxventure.
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