Why We Invested in Pollen Projects: The Secret Ingredient to Non-Alcoholic Innovation
Pollen Projects pairs perfectly with our thesis of investing in consumer companies that cultivate joy. As the first venture studio dedicated to high-growth non-alcoholic products, we see great success in their future.
The global alcohol market is valued at over $1.6 Trillion, and the low/no alcohol market is predicted to reach $39.4 Billion by 2031. At Joyance, we are convinced that a new wave of companies leveraging science and technology will pave the way for an attractive exit landscape in this space.
Founder Ben Branson grew up on a farm and used his practical knowledge of botanical extracts to start Seedlip, a wildly popular non-alcoholic spirit, which flourished quickly by building consumer trust through partnerships with top-tier hotels, bars, and restaurants. As evidenced by Seedlip’s success, Ben excels at omnichannel expansion and driving habit formation and long-term retention. COO Emma Wykes, a seasoned drinks industry veteran with over three decades of marketing and brand development experience, oversees the scale-up arm.
Pollen Projects’ first brand, Seasn, targets the $100 million cocktail bitters market, largely dominated by Angostura for 200 years, and Seasn could naturally expand to the $5 billion Herbal liqueur market, led by Jägermeister, valued at $2.2 billion in 2022. Seasn’s first products are Ben’s formulations of light and dark bitters, aiming to become the “salt and pepper” for modern drinking. Seasn has already started seeding products to high-profile figures like Gordon Ramsey and Gwyneth Paltrow and launched at luxury distribution points with key brand partnerships like Fever Tree and Hexclad. Seasn is currently available D2C and the Pollen Project team is on the road to conquering the on-trade, with the objective of making these delicious products the best companion for every bartender out there.
An exciting new product is in development, targeting another segment of the no/lo alcohol market, with plans to launch in late 2024: Sylva, a distillery and maturation lab making luxury dark non-alcoholic spirits using breakthrough production techniques. The team has already built the first production site on Ben’s farm and recruited a master distiller.
Pollen Projects benefits from strong market tailwinds and addresses key challenges in the no/lo alcohol sector: high quality, scalable production, and craftsmanship. Time to market is spot on, as Pollen Projects embraces the “sober curious” movement of more mindful beverage consumption.
Their commitment to innovation, coupled with a proven leadership team and a rapidly growing market, makes them a highly attractive investment opportunity, and we’re thrilled to support them on their ambitious journey.
By Investment Partner Thibault Vanvincq
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