Bae Juice, a company known for its hangover prevention drink made from 100% Korean pear juice, has successfully raised $1 million in its latest funding round. The investment was led by technology and gaming entrepreneur Laurence Escalante through his family office, Lance East Office, and also saw participation from Honan Capital family office.
This funding aims to support Bae Juice's expansion in the United States, building on its presence in major Australian retailers like Woolworths, BWS, and Dan Murphys.
The company, which started in a small storage unit in Melbourne by three young entrepreneurs in 2019, has sold over 2.5 million units in the past five years. With this new investment, Bae Juice plans to accelerate its growth in the US market, starting with New York City through a partnership with US-based Gold Coast Distributors. They aim to have their products in more than 1000 stores in New York this year and are looking to expand into other states as well.
Bae Juice is also exploring the introduction of new flavors and products to complement its current offering. The company's founders are excited about the strategic value and support their new investors bring as they aim to establish Bae Juice as a market leader in their category, both in Australia and the US.