Cove Kombucha has announced the closing of a CDN $1.2 million seed round of financing led by Canaccord Genuity Wealth Management.
Founded by John MacLellan and Ryan MacLellan, Halifax. Nova Scotia based Cove Kombucha is a supplier of kombucha beverage. The company has developed a full spectrum CBD-infused kombucha due to be released in December with the passing government legislation for edibles.
Cove Kombucha raises seed round led by Canaccord Genuity
HALIFAX, Nova Scotia, Oct. 24, 2019 (GLOBE NEWSWIRE) — Cove Kombucha, Canada’s fastest growing kombucha company, has closed a $1.2M seed fundraising round. The investment round was led by Canaccord Genuity Wealth Management, a Vancouver-based investment bank, and is the largest seed round raised by a Canadian beverage startup in 2019.
From humble beginnings at a farmer’s market just three years ago, Cove has become an industry leader in the rising Kombucha market.
“This investment round will empower us to share our better-for-you beverages with even more people. The funding brings more innovative freedom, the ability to hire talented people, and will allow us to launch Canada’s first ever CBD Kombucha. We believe this is the beginning of New Age beverages 2.0.” -John MacLellan, Co-Founder and CEO
The MacLellan brothers believe Cove’s popularity is due to informed consumers looking for healthier and lower sugar alternatives to traditional juices and sodas. “The kombucha market is quickly maturing and transitioning from a specialty food and beverage product to fridge staple for many Canadians,” said CEO John MacLellan. To build on Cove Kombucha’s natural probiotic health benefits, Cove has developed a full spectrum CBD-infused kombucha, harnessing all the health rewards of CBD, due to be released in December with the passing government legislation for edibles.
Cove Kombucha is an Atlantic Canadian born and bred kombucha brand that is on a mission to inspire a healthy lifestyle by providing access to healthy (and delicious) beverages for everyone. Cove Kombucha is currently found in various retail locations across Canada including large retailers such as Whole Foods Market, Costco Wholesale and Sobeys.
CEO and Cofounder
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