Athletic Brewing Company Secures $50 Million In Equity Financing Led By General Atlantic

By Amit Chowdhry • Jul 9, 2024

Athletic Brewing Company, the largest non-alcoholic brewery in America, today announced it has closed a $50 million equity financing round led by General Atlantic with participation from multiple existing investors.

Athletic plans on using the new capital to drive more long-term growth, including through the recently announced purchase of a third U.S. brewing facility and the ongoing expansion of its world-class non-alcoholic beer at retailers worldwide. With the closing of the deal, General Atlantic has assumed a seat on the company’s Board of Managers.

Launched in 2018, Athletic developed a proprietary brewing method for making fully fermented non-alcoholic brews that are indistinguishable from their full-strength alcohol counterparts. And as an industry pioneer, Athletic has grown from one of the smallest breweries in America, producing just 875 barrels in 2018 to a top 20 U.S. brewery that sold over 258,000 barrels in 2023.

Athletic currently operates custom brewing facilities in Milford, Connecticut and San Diego, California. And the investment from General Atlantic, along with other key investors, closely follows Athletic’s recent acquisition of a second San Diego brewing facility, formerly known as Ballast Point. Over the next 18 months, Athletic is planning a series of renovations and site improvements at the new facility which will include the installation of a new packaging line and enhancements to the brewhouse, cellar, and lab for meeting the company’s strict food safety and quality standards. After becoming operational, Athletic expects to double its U.S. brewing capacity.

With dollar sales growing by over 60%, Athletic currently holds over 19% market share within non-alcoholic beer and is driving 32% of total non-alcoholic beer category growth.


“We’re thrilled to welcome General Atlantic as a key growth partner at a time when we’re significantly expanding our West Coast capacity to meet increasing demand for Athletic beer. We are passionate about transforming the way modern adults drink and converting critics into believers. We’re at the start of a long-term trend, and we couldn’t be more excited to have General Atlantic by our side as Athletic begins its next phase of growth.”

  • Bill Shufelt, Co-Founder and CEO of Athletic

“Athletic has rapidly become the category-defining brand in non-alcoholic beer, and we are excited to partner with Bill and John as the company continues to grow. With a differentiated brewing process, leading taste profile, and loyal customer base, Athletic is poised to take advantage of the expanding global demand for non-alcoholic beer. We intend to leverage our international platform and capabilities across technology, digital marketing, and merchandising to help the business achieve its potential.”

  • Andrew Crawford, Managing Director and Global Head of Consumer at General Atlantic

“General Atlantic shares Athletic’s excitement for the future of the non-alcoholic beer market. We look forward to working with the Athletic team as they continue to expand their extensive portfolio and lead further innovation in this dynamic category for years to come.” 

  • Harrison DiGia, Vice President at General Atlantic