No one makes non-alcoholic beer like Athletic Brewing. Here’s how this company sold fake beer to grow a $165 million dollar company.
Athletic Brewing are pioneers in revolutionizing non alcoholic craft beer. Founded in Connecticut in 2018, Athletic Brewing tapped into an unexplored market in the beverage industry, free of alcohol.
Bill Shufelt - who was a former trader at Point72 left his job when he stopped drinking himself and became interested in non alcoholic brews. Which is when he decided to start his own brewing company.
With his connections in the industry, Shufelt found investors and pitched his idea to them. Not only did he want to create non alcoholic beverages, but his company would also donate 2% of its sales to different eco-friendly causes.
Shufelt’s mission was appreciated by people like legendary athlete Lance Armstrong, social investor Blake Mycoskie, NFL players Justin Tuck and J.J Watt who joined the company as investors.
Once famous athletes, investors and chefs started backing the company, it was easier for Athletic Brewing to transform the small category of non alcoholic brews into something much more.
During the pandemic, Athletic Brewing launched their e-commerce site - the first of its kind in the beer industry - which helped them experience massive growth during a time when everyone was locked inside their homes.
As a result, Athletic’s sales grew about 500% in 2020, compared with the previous year, from $2.5 million to about $15 million in revenue.
Last year the overall nonalcoholic beer market grew almost 39%, to around $187 million. The craft-beer segment in particular grew more than 300% and this is the segment in which Athletic Brew has 61% market share, helping the company increase in valuation.
The website’s traffic was also up by 95% in January of 2021 as compared to December of the previous year - which was a huge milestone for the growing company.
Currently, Athletic Brewing has a rotating list of more than 30 brews, along with three year-round offerings—including the 70-calorie Run Wild IPA and the gluten-free Upside Dawn Golden Ale.
At this rate, the company’s revenue is expected to increase three times its current profits of $15 million dollars - all by the end of this year.
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