Trendy Soda Brand Olipop Seeks Fresh Cash, Targets $400 Million in Sales

Olipop, a fast-growing brand of soda that has built buzz on TikTok and Instagram with help of celebrities such as Gwyneth Paltrow, is aiming to lift its sales this year to around $400 million, up from more than $250 million last year, and is in talks to raise fresh capital to help fuel its growth, according to a person with direct knowledge of the discussions.

The company is looking to raise the funds through a convertible note, the person said, which would convert to equity shares at a valuation of more than $800 million if it raises more money again or gets acquired, roughly four times Olipop’s valuation when it raised money in 2022. If Olipop succeeds, it would be yet another example of how some corners of the consumer startup market are heating up.