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Iris Nova, the Coca-Cola-backed startup that creates Dirty Lemon beverages, is announcing plans to spend $100 million over the next three to five years to expand its offerings.
Founder and CEO Zak Normandin said the money will go towards launching new beverage brands developed internally at Iris Nova, as well as investing in beverages created by other companies, which will then distributed via the Iris Nova platform.
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“This is the way for us to compete with the bigger beverage companies,” Normandin said.
He added that he’s open to working with startups taking advantage of the shift away from “high calorie, high sugar beverages” as well as established beverage companies. Either way, they’ll get access to the Iris Nova platform, which allows them to accept orders via text message, and to distribute their beverages next-day or same-day to every major U.S. market.
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Normandin said that by linking the investment and the platform partnership, Iris Nova is forcing itself to be “highly selective” about which beverages will be part of the portfolio.
He also said the company won’t work with directly competing products — for example, he won’t partner with two different coconut water brands, but he would work with a coconut water brand and a sparkling water brand. In exchange, the brands have to commit to using Iris Nova as their...
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