U.S.-based nonalcoholic beverage concentrates and syrups maker Coca-Cola Co. has acquired a minority stake in direct-to-consumer beverage startup Iris Nova.
Coca-Cola has led a $15 million funding round that values Iris Nova at about $60 million.
With this capital raised, Iris Nova will open at least two more retail spots in 2019, with a second Manhattan location planned in Chicago and expects over $100 million in revenue by 2021.
The investment was made through Coca-Cola North America’s Venturing and Emerging Brands unit.