5 April AB Akola Group has signed an agreement with Brite Drinks Ltd, a UK functional drinks start-up, to invest 450 thousand euros. Akola Group will receive a minority stake in the startup and a seat on its board.
Brite Drinks Ltd is a Lithuanian-owned manufacturer of ‘Brite’ functional drink, with sales to the United Kingdom, Ireland, Belgium, France, and the Baltic States.
"We decided to invest in this start-up because of the growing market, unique product features and the very driven team. Firstly, the global energy drink market is growing at around 8.5% annually and is expected to reach almost USD 174 billion by 2030. Secondly, Brite's innovative formulation differs from other energy drinks in that it is tailored for mental performance and is completely natural. The guys who started the business are surprisingly hard-working, energetic, ambitious, and full of ideas. They have already attracted business angels and institutional investors. That's why we trusted both the product and the team," comments Mažvydas Šileika, CFO of Akola Group, on the decision to invest in the start-up.
‘Brite’ functional drink is for everyone who wants to get through the day smarter and healthier. It contains no added sugar, sweeteners, preservatives, or other artificial additives. It is produced from natural nootropic ingredients that improve cognitive function. ‘Brite’ is a more effective and healthier alternative to energy drinks and coffee.
According to ‘Brite’ co-founders Andrius Ratkevičius and Simas Jarašūnas, the investment will help the company expand in its main market, the United Kingdom.
"We develop our beverage recipes based on the latest scientific research and knowledge of nutritionists. We cooperate with leading supermarket chains, offices, petrol stations, sports clubs and restaurants. The britedrinks.com online store allows us to develop a strong relationship with our customers and to continuously improve. At this stage, we see the most potential in the huge UK market, where we successful in taking market share from the major players," say the founders of the start-up.
This is the third Akola Group’s investment in start-ups and the second in beverage start-ups.
About AB Akola Group
AB Akola Group owns the largest agricultural and food production group in the Baltics, employing 4.9 thousand people. The group operates along the entire food production chain from farm to fork, producing, preparing, and marketing agricultural and food products, as well as supplying goods and services to farmers. The Group's financial year starts in July and its revenue for the last financial year was almost EUR 2 billion. The Group currently builds an instant foods plant in Lithuania, designs a breadcrumb factory, a biogas plant, and a certified seed factory.
More information:
Mažvydas Šileika, CFO of AB Akola Group
Mob. +370 619 19 403
E-mail m.sileika@akolagroup.lt
