“Eat Beyond” or the “Company“, an investment issuer focused on the global plant-based and alternative food sector, announced it has invested in Daydream Drinks Inc. (“Daydream”). Daydream is an Ontario-based beverage company that has created Canada’s first sparkling water infused with hemp extracts and adaptogens.
Daydream’s hemp oil contains below 0.03% CBD and zero THC, making Daydream a non-cannabis product. Hemp and adaptogens have a range of benefits, making them a suitable option for Canadian grocery and retail stores.
Eat Beyond joins Global Edge Investments, a Toronto-based investment and management company, and other industry veterans, such as Jorn Socquet, a 14-year executive from ABinBEV, as an early-stage investor in Daydream.
Daydream has seen impressive growth since launching in late 2019, with year-over-year revenue jumping 550 percent in 2020. The distinct, colourful gradient cans are comfortably on pace to reach more than 1000 stores across Canada by the end of 2021, a roughly 2,300 percent increase from its debut year. Projections show Daydream is on track for another triple-digit year of revenue growth.
“Eat Beyond welcomes its first beverage company to our ever-growing food technology portfolio. We like the idea that not only can people eat better but drink better too,” Eat Beyond CEO Patrick Morris said. “Daydream has shown impressive growth in its brief history and is well-positioned to capture even more of the beverage market in the years ahead. Its unique and strong branding has positioned it well in the industry for organic, word-of-mouth growth, which is critical for any product that contains hemp as an ingredient in Canada.”
Eat Beyond Investment Committee Member Alan Linder has also signed on to join Daydream’s advisory board. Linder has nearly three decades of experience in the natural/organic food and grocery industry.
“Eat Beyond offers much more than just financial support to our portfolio companies,” said Alan Linder, Eat Beyond investment committee member and Daydream advisor. “We work hands-on with our portfolio companies to help them navigate growth and connect them with resources. I look forward to working closely with Daydream to catalyze its growth.”