Explorer, a Brooklyn-based coffee concentrate firm established by mountaineer and former Bain & Company consultant Cason Crane, will expand its distribution collaboration with Delta Air LinesDAL -0.8% and enter the retail market in 2023.
These initiatives will be supported by the company’s recent $2.5 million seed round, which was co-led by NewBound Ventures and billionaire hedge fund manager Bill Ackman’s family office Table Management. Covet PR founder Sara Brooks, Raphael Farasat, founder and CEO of Truffl Agency, Drizly cofounder Justin Robinson, Lori Cashman, General Partner of Victress Capital, and CPG adviser Timo Weiland are among the other investors.
Both the cold brew and coffee concentrate industries have been fast expanding as at-home coffee consumption increased during the epidemic, with an increasing number of consumers looking for simple preparation choices. According to market research firm Fact.MR, the global coffee concentrate market will be worth $1.23 billion in 2022 and will rise at a 24.47% CAGR over the next decade to reach approximately $11 billion.
While major firms such as Chameleon Cold Brew (a former Nestlé subsidiary recently bought by SYSTM Foods) have long championed the concentrated coffee sector, younger competitors such as Jot are rapidly extending their influence.
Jot, which was cofounded by Palo Hawken of REBBL and Andrew Gordon of Square Organics, had previously obtained venture funding from Great Oaks Venture.