Danone backs Hawaiian bottled water brand Kona Deep
Danone has announced that it has taken a minority stake in the premium bottled water brand Kona Deep.
The investment is the fifth this year for the company's investment arm Danone Manifesto Ventures.
Danone Manifesto Ventures was set up last year to invest in entrepreneurial companies and high-growth areas such as bottled water.
The world’s third-largest bottled water company is one of nine food giants to set up such a fund in recent years
Launched in 2015, Kona Deep sources water 3,000 feet below the Pacific Ocean’s surface just off the coast of Hawaii. The water is said to contain a high source of natural minerals and electrolytes.
The company is led by CEO Patrick Turpin, the former co-founder and president of Popchips.
Turpin said: “As we develop this new category of deep ocean water, we are excited to partner with Danone Manifesto Ventures and expand our relationship with Grand Crossing Capital.
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“Danone Manifesto Ventures is part of a group that has significant expertise with premium water brands globally, is aligned with our core values and is focused on a business sustainability agenda, making them a great partner for Kona Deep.
“We look forward to working together to execute on our growth initiatives and provide consumers with great-tasting, sustainable and natural bottled water with real hydration benefits,” he added.
Danone’s investment comes as part of Kona Deep’s $5.5mn capital raising effort, which also includes private equity firm Grand Crossing Capital and local Hawaiian investors.
The sum of the investment was not disclosed.
Kona Deep recently expanded from Hawaii to mainland USA and it plans to use the funds to further expand its distribution and production capacity.