G.O.A.T. Fuel, the sports energy drink co-founded by pro football Hall of Famer Jerry Rice, closed on its initial Series Seed round of financing, was oversubscribed and raised $5 million. The new funding puts the total funds raised since launching in 2020 at $12 million.
The Series Seed financing round was led in conjunction with Stage 1 Fund and Morrison Seger Venture Capital Partners, with past investors in the company including the former owner of the San Francisco 49ers, Eddie DeBartolo, Jr., serial entrepreneur and owner of the Minnesota Timberwolves, Marc Lore and co-founder Jerry Rice.
The new capital will “accelerate the growth of the company, allowing it to amplify marketing efforts as it continues to secure additional distribution in new markets across the U.S., unveils new flavors and builds consumer awareness in the sports energy drink market,” said brand management.
“We’re grateful to have secured our first-ever institutional round of funding in a space that is becoming increasingly more competitive despite growing market challenges. Our success in this round is another indication that conviction is building around our brand, and demand is accelerating. Our new investors and the accompanying capital infusion help us add fuel to the fire,” said Jaqui Rice Gold, CEO and co-founder of G.O.A.T. Fuel. “I also want to extend a big thank you to Stage 1 Fund and Morrison Seger for helping to guide us through this process as we continue to establish G.O.A.T. Fuel as a serious contender in the sports energy drink space.”
Rice said, “We are excited about the future of G.O.A.T. Fuel, and securing this financing is a testament to the community’s support of our product. We can’t wait to bring G.O.A.T. Fuel to the world and motivate others to become the greatest of all time.”
“Stage 1 Fund is pleased to announce our investment in G.O.A.T. Fuel, a differentiated and emerging brand within the sports energy silo that has demonstrated explosive growth over the past two years. The G.O.A.T. Fuel Team and brand are well-positioned to capture market share within the highly competitive and massive U.S. energy drink market, which is projected to be $30 Billion by 2027,” remarked David Bartholomew, board director and managing partner, Stage 1 Fund. “It has been a pleasure to work with the Founding Team of Jaqui, T.J., and of course, the G.O.A.T. himself, NFL Legend & Hall of Famer Jerry Rice. Along with our Co-Investors & Advisory Board, we are focused on our continued support of the brand as we anticipate accelerated growth across new territories.”
“We at Morrison Seger Venture Capital Partners believe in being the greatest version of you every single day, which is why being a part of the G.O.A.T Fuel raise was a no-brainer,” added Rogers Healy, founder and CEO of Morrison Seger Venture Capital Partners. “A company led by great founders, with the goal of bringing people greatness, is a rare combo in the world of investing. We believe in the G.O.A.T. Fuel mission and are thrilled to be included on the ground level.”