Crazy Mountain, the nonalcoholic beer launched by George Clooney and the founders of Casamigos, received $15 million in funding.
The round was led by Cavu Consumer Partners, one of the initial backers of prebiotic soda brand Poppi. It also includes participation from incubators Coatue and Discovery Land, along with the brand’s founders George Clooney, Mike Meldman and Rande Gerber.
The nonalcoholic brew debuted in March with plans to launch its classic lager and lime varieties throughout the year. Crazy Mountain is led by CEO Steve Fechheimer, who previously ran New Belgium Brewing.
Investors are hoping some of Clooney, Meldman and Gerber’s success with Casamigos will rub off on the new nonalcoholic beer. The trio founded Casamigos in 2013 and sold it to Diageo four years later for up to $1 billion.
“Non-alcoholic beer is one of the most compelling growth categories in beverage, and it's still early,” Ben Schwerin, general partner at Coatue and a company board director, said in a statement. “The founding team has done it before, and we believe they're the right group to build the defining mainstream brand in this space.”
New segment entrants and alcohol stalwarts alike are getting into nonalcoholic beer as consumer preferences move toward moderation.
Clooney isn’t the only celebrity in the nonalcoholic business, with Tom Holland, John Mulaney and Charlie Sheen each participating in the category. Meanwhile, Heineken has emerged as a major player in nonalcoholic beer business with versions of its namesake brew, and Molson Coors is launching zero-proof versions of its classic beer portfolio.
