PATH Secures $30M in Funding, Forging a Path Forward as an Industry Leader in Sustainability and Culture

Silicon Valley VC and A-List Celebs Lead the Way Into Sustainability with PATH

SILICON VALLEY, Calif., Sept. 29, 2022 /PRNewswire/ -- PATH, the leading sustainable bottled water brand in the United States, announced today its $30M Series A Funding which will fuel the company in its rapid expansion across the country and globally. The funding round is led by Altos Ventures alongside Blue Investment Group; HartBeat Ventures, Kevin Hart's venture fund; Ryan Seacrest; Guy Fieri; and Ninja, among others.

Experience the full interactive Multichannel News Release here: https://www.multivu.com/players/English/9093451-path-secures-series-a-funding/ 

Americans purchase about 50 billion plastic water bottles per year. That means by using a PATH refillable bottle, consumers can save an average of 156 plastic bottles annually.[1] PATH is on a mission to eliminate 10 Billion plastic bottles going into landfills and oceans by 2025.

Since its launch in 2015, PATH has forged the path in the refillable packaging revolution, encouraging consumers to #refillit™ with their 100% refillable aluminum water bottles. PATH is on a journey to bring the plastic crisis to the forefront, teaching others to protect the environment and provide options to reduce and reuse. Since the start of the company, the brand has expanded to over 50,000 retail doors and has helped organizations such as The Sacramento Kings, Orange Theory Fitness, 1 Hotels, Alo Yoga, State Farm, and Yellowstone National Park reduce single-use plastic bottled water through its unique co-branding program, Partnering To Save the Planet™.

The Series A funding will allow the company to scale the business through:

• Scaling Production – PATH recently expanded its production on the East Coast with new production lines running in a state-of-the-art manufacturing facility in North Carolina, allowing the company to meet the high demand for PATH products nationwide.
• Expanding PATH's Reach – The funding will help the company reach more consumers to teach them about its mission to bring the plastic crisis to the forefront and change consumer buying behavior. The company will look to increase its brand ambassador program and other unique partnerships to encourage consumers across the nation to #refillit™.
• National Expansion – Already available in 350+ distribution points and 50,000 retail doors around the U.S., the expansion will ultimately lead to increased shelf presence and access to independent non-chain retailers across the country. PATH expects to significantly increase in distribution growth over the next 12 to 18 months.

"We are excited to partner with Altos Ventures. This partnership brings the beverage industry and Silicon Valley together to usher in a new era of bottled water. This funding will accelerate our mission to bring the plastic crisis to the forefront and create a scalable platform for sustainability," says PATH Co-Founder & CEO Shadi Bakour. 

The Series A funding will also allow PATH to achieve its goal of being more than just a water bottle brand, but a company that has an end-to-end solution for the sustainability crisis around the world. By partnering with companies that have like-minded missions such as Altos Ventures, the company's largest investor to-date, PATH is able to set the next phase of their global expansion into motion.

"At Altos, we strive to lead by example by integrating sustainability in our investment and business practices. We hope that our partnership with PATH will encourage other organizations to follow in our footsteps," says Ho Nam, Managing Director and Co-Founder of Altos Ventures. 

As part of the Series A funding, PATH has recently announced distribution deals with major retailers including CVS, Costco Business Centers, 7/11, and Walmart. Top retail partners of PATH include Whole Foods Market, Sprouts, Rite Aid, Circle K, Wegmans, and more.

For additional information about PATH, please visit https://drinkpathwater.com. Please click here for brand assets.

About PATH
PATH is the first 100% refillable, recyclable bottled water in a sleek, durable aluminum bottle. PATH's mission statement: Forging the PATH to end single-use plastic bottles. PATH is available in over 50,000 retailers nationwide, on Amazon, and at www.drinkpath.com. Lightweight and affordable, these bottles are a sustainable solution to the single-use plastic water bottle crisis. Available in three varieties, PATH Still is filled with ultra-purified water through a 7-step reverse osmosis process and enhanced with electrolytes for a pH-balanced beverage. PATH Sparkling is delicately carbonated, offering effervescence for any occasion, and PATH Alkaline includes specialty electrolytes with a final pH of 9.5+. Easily accessible. Follow the PATH journey on Instagram @pathwater.

About Altos Ventures
Founded in 1996, Altos Ventures is a technology investment firm based in Silicon Valley. Through patient and pragmatic investing, Altos partners with early to growth stage technology companies operating in consumer and enterprise sectors, with the goal of building durable and compounding businesses over decades. As a registered investment advisor (RIA) with the SEC, Altos has a uniquely flexible, long-term, and concentrated approach to venture capital, supporting the full lifecycle of companies from inception to global growth and profitability. Altos has supported close to 200 companies around the world over its quarter-century history. For more info, please refer to www.altos.vc.

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SOURCE PATH