Gravity Drinks Co. has celebrated an exciting start to 2024, with a successful $1 million capital raise and the appointment of a new CEO.
The company said the new investment will power its growth strategies and drive product development initiatives slated for the upcoming year.
At its helm during this phase will be former Coca-Cola Amatil and Carlton United Breweries executive Greg Mitchell who joined as CEO on January 1.
Gravity Drinks was launched in the Summer of 2022 by Mick Spencer and Liam Battye. Their first product was a hard seltzer, which scored a deal as the official supplier for Accor Stadium, with sales turbocharged by the recent Taylor Swift concerts at the venue.
The brand’s point of difference is that it is brewed like a beer, with all-natural ingredients, less than 1% of sugar, and trees planted for every sip someone takes.
Health-conscious drinkers now make up 65% of the 18+ population, while the hard seltzer market in Australia is projected to generate a revenue of $758.6 million in 2024, and a projected volume growth of 32.1% in 2025.
Gravity has also unveiled its collaboration with Joy, one of Australia’s premier advertising agencies. The company said Joy’s strategic investment in the brand, coupled with their appointment as the official advertising partner, reaffirmed its dedication to delivering compelling narratives and engaging experiences to its consumers.
“The opportunity to invest alongside a brilliant bunch of people on a mission to change the way we drink was irresistible,” said JOY Principal Simon Rush.
“Their joyous approach to the category aligned beautifully with our business. We couldn’t be more excited to see where this ride will take us.
Spencer said: “Entering 2024 with this momentum is exhilarating. Our recent capital raise, the appointment of Greg Mitchell [above] as CEO, and our collaboration with Joy showcase GRAVITY’s unwavering commitment to revolutionising the beverage industry, We’re poised to set new benchmarks and redefine the landscape of ‘better for you’ beverages in Australia.”