Kevin Love (0) was one of the notable names to lead a $15 million Series B funding raise of Oxigen ... [+]
Oxigen, the pH balanced water boosted with oxygen, today announced the closing of a $15 million Series B funding round backed by Cleveland Cavaliers forward Kevin Love and multi-platinum recording artist Brett Eldredge.
The announcement comes on the heels of Golden State Warriors guard Steph Curry being named an investor and owner of the brand in August.
“I’m very particular about my water, and when Oxigen sent me their product to try, the first thing I did was look at the health benefits,” said Love, a five-time NBA all-star and 2016 NBA champion. “For as much water as I drink, I have to love the water and know that it’s adding something beneficial to my life. Once I tried it, I told my team that this is all I’m drinking from now on. And of course, being a consumer and advocate of the brand helped with my decision to then invest in the company.”
Health and wellness are a major priority in Love’s career on and off the court. He has been one of the more vocal professional athletes to speak out about health and wellness—mental health in particular—penning bylines in The Players’ Tribune in 2018 and 2020 discussing his battle with depression and anxiety. In 2018, he launched the Kevin Love Fund, partnering with meditation and mindfulness app Headspace to promote physical and mental wellness.
His investment in Oxigen further emphasizes his interest in the space and support of health and wellness, which includes recent investments in health-conscious convenience store startup Green Zebra and pod-based smart blender Vejo.
“The majority of my business portfolio is in the health and wellness space and I found that Oxigen’s mission and value aligned with not only my personal values, but complemented the other brands I’ve invested in,” Love said. “For me, I want to help build brands that support both your physical and mental well-being, and Oxigen does just that.”
Oxigen closed a $15 million Series B funding round.
Originally founded in 2014 as Formula Four Beverages Inc, Oxigen has positioned itself as a lifestyle brand in the premium functional water category rather than in the sports beverage one up against giants including Gatorade, Powerade and BodyArmor.
Oxigen has more than doubled its store count nationwide; it is currently available in approximately 47,000 stores across the United States, and secured listings in major retailers including CVS and Kroger
The Series B raise will almost exclusively be utilized for marketing and advertising expenses as well as increasing U.S. distribution, according to founder and CEO Blair Bentham.
Oxigen, whose bottles are made from 100% recycled plastic, recently launched a multi-million dollar campaign to celebrate and support frontline workers during the ongoing coronavirus pandemic. Love, who signed a four-year, $120 million contract extension with the Cavaliers in 2018, has also been instrumental in supporting those affected by COVID-19. His $100,000 donation made him the first athlete across all sports to help arena workers who lost their jobs due to the pandemic.
“Having Kevin and Brett invest in Oxigen simply as investors, not brand ambassadors or endorsers, is extremely significant,” Bentham said. “It speaks to their belief and love for the product. As investors, Kevin and Brett are not obligated to post or endorse Oxigen in any way, yet as investors they have posted to social media, referenced Oxigen in editorials as they were being interviewed, etc.
“There is an added authenticity to having investors like Kevin and Brett that are celebrities and the top of the field in their careers, but at the end of the day, they believe in the product and the business model for driving Oxigen forward to being the No. 1 premium functional water in the United States.”
