Evian and Volvic proprietor Danone has put cash right into a Hawaiian bottled water from the underside of the Pacific Ocean, exhibiting the depths multinationals will now go to within the quest to face out.
The funding in Kona Deep, for an undisclosed sum, is the fifth in a yr for Danone Manifesto Ventures, a fund the French meals large arrange final yr to spend money on entrepreneurial corporations, that are consuming away on the dominance of massive manufacturers.
Kona Deep sources its water from a deep ocean present off the coast of Hawaii. The 2-year-old firm says its water has a singular mix of naturally occurring electrolytes and minerals that make it extra-hydrating.
Danone, the world’s No. three bottled water firm, is one among 9 meals giants to arrange such a fund lately.
Kona Deep is often priced at parity with Evian within the U.S. retail market, the businesses mentioned. One liter Kona Deep bottle retails from $2.29 to $2.69, relying on the retailer, with Evian roughly in the identical vary.
After being pumped by a pipe that reaches three,000 ft beneath the ocean’s floor, Kona Deep desalinates the water utilizing reverse osmosis, and bottles it.
Danone didn’t give particulars in regards to the environmental influence of the method, however mentioned on Tuesday ocean water was a renewable supply and that Kona Deep sources it in a “accountable and sustainable method.”
Kona Deep can profit from Danone’s expertise with eco-friendly packaging and neighborhood administration, it added.
Danone is taking a minority stake as a part of Kona Deep’s $5.5 million capital elevating effort, which additionally consists of non-public fairness agency Grand Crossing Capital and native Hawaiian traders.
The model has lately expanded from Hawaii to the U.S. mainland and plans to make use of the funds to develop distribution and manufacturing capability.
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