Iconic plans to use the funding to build out its senior leadership team and invest in product innovation.
Iconic Protein, maker of protein beverages made with grass-fed dairy, has raised $8 million in a funding round led by private equity firm KarpReilly. Bill Moses, co-founder and former chief executive officer of KeVita, also participated in the round and will join Iconic Protein as the company’s executive chairman.
Launched in 2013, Iconic Protein offers a line of ready-to-drink protein beverages that are made using dairy protein from grass-fed cows in New Zealand and are free from hormones, antibiotics and preservatives. The drinks, available in Café Au Lait, Chocolate Truffle and Vanilla Bean flavors, contain 20 grams of protein and 130 calories each.
“Iconic has distinguished itself as a leader in the fast-growing protein drink space with the use of clean animal protein, incredible velocity at shelf and an audience that reaches far beyond the typical protein beverage consumer,” said Allan Karp, co-founder of KarpReilly. “There is an enormous market opportunity for Iconic’s better-for-you, New Zealand grass-fed dairy protein offering, and we are excited to work with their team to take the brand to the next level.”
Iconic plans to use the funding to build out its senior leadership team and invest in product innovation. Iconic’s retail partners include Sprouts, Wegmans, H-E-B and Rouses Markets.
Additional investors in the funding round include Lance Collins, founder of Core Hydration, Bodyarmor and Fuze Beverage, along with Gunnar Lovelace and Nick Green, founders of Thrive Market.
