Dive Brief:
Stevia sweetened soda brand Zevia closed a $200 million minority investment from Caisse de dépôt et placement du Québec (CDPQ), an investor that manages pension funds in Canada. Zevia said it will use the funding to pursue its global expansion strategy.
In its announcement, Zevia noted that it selected CDPQ as its investment partner for its ability to accelerate the company s growth through expertise in asset management, international reach and a strong commitment to environmental, social and governance values.
Soda sales have slipped year over year for over a decade, but stevia presents an opportunity for companies to redefine the product as a healthier beverage. The stevia sweetened beverage category grew by 36% in 2018. Zevia has capitalized on this better-for-you trend by steadily increasing its stevia beverage line since 2015.