Venture capital fund for food and beverage District Ventures, led by general partner Arlene Dickson, has closed an equity investment with Sapsucker, an organic sparkling tree water company led by former Coca-Cola VP Tim Lute.
Sapsucker produces plant-based sustainably harvested beverages from Canadian maple trees.
Canada is home to an abundance of natural resources and we are proud to partner with a company that has tapped into a rapidly growing category by using Canadian ingredients to create a refreshing new product," said Arlene Dickinson, General Partner, District Ventures Capital. "Sapsucker embodies innovation and has created exciting new products for consumers that are delicious, sustainable, and all-natural."
Sapsucker plans to launch several new products in the coming weeks. Currently it sells three flavours (original, lime and lemon) at more than 1,000 Canadian retailers, including Loblaws, Sobeys and Metro.
"At Sapsucker, we're incredibly passionate about producing sustainable products that are one-of-a-kind delicious and better for you," said Tim Lute, CEO of Sapsucker. "In partnering with District Ventures, we gain the expertise of a Fund that understands our mission and brings comprehensive experience in growing emerging CPG brands. We couldn't be more excited for this next chapter in our journey and can't wait for Canada to fall in love with Sapsucker."