Keurig Dr. Pepper, others invest $15M in North Idaho soda maker
Tractor Beverages seeks more funding for company’s growthJuly 28th, 2022
Dalton Gardens-based specialty soda company Tractor Beverages Inc. has landed $15 million in venture funding from Plano, Texas-based Keurig Dr Pepper Inc. and others.
According to proprietary market data software subscription platform PitchBook, Tractor received the funding in a May 3 transaction. Other undisclosed investors also participated in the funding round.
The funds raised will be used to expand infrastructure and marketing at Tractor and to increase brand awareness among younger, more health-conscious consumers, according to PitchBook.
A representative of Tractor Beverages couldn’t be reached immediately for comment.
The company is headquartered at 147 E. Aqua Circle, in Dalton Gardens, just north of Coeur d’Alene. Founder Travis Potter started the beverage making company in 2014.
PitchBook data shows Tractor has experienced 75% revenue growth in fiscal 2022, compared with the previous fiscal year, and has 24 total employees.
Tractor Beverages announced in April it had established a partnership with Keurig Dr Pepper to promote sales of Tractor products to restaurants and that it plans to raise $60 million to fund company growth.
Tractor makes 19 organic, non-genetically modified, concentrated beverages, including teas and lemonade, as well as soda flavors, such as cola, root beer, mandarin cardamom, and blackberry.
According to the company’s website, it provides beverages to restaurants exclusively in concentrate form because it produces less waste and requires less fuel to transport.
Tractor’s products are available only through partner restaurants and other venues. In Spokane, Tractor Beverages are available at Chipotle Mexican Grill, Rocket Market, and Zullee Mediterranean Grill.
In 2020, Tractor raised $18.5 million from New York-based venture capital and private equity firm AF Ventures, which does business as AccelFoods.
Keurig Dr Pepper’s brands include 7 Up, Canada Dry, Mott’s, Schweppes, Snapple, Yoo-Hoo, and A&W Root Beer.
The beverage and coffeemaker conglomerate was formed in 2018 with the merger of Keurig Green Mountain and Dr Pepper Snapple Group. Previously, Dr Pepper Snapple Group had been owned by Cadbury Schweppes plc.