Beyonce Backs Beverage Company Lemon In $31m Funding Round

Lemonade singer Beyonce invested in a citrus-based beverage last week. The award-winning artist and entrepreneur headlined a recent $31 million Series A funding round in enhanced water brand Lemon Perfect, the company said.

“I don’t typically enjoy drinks without added sugar, but Lemon Perfect is delicious,” said Beyonce. “It was an easy decision to invest in something that not only tastes great and is healthy but also and, most importantly, allows choosing a healthier lifestyle to be affordable and accessible to everyone.”

The beverage has no sugar, artificial flavours or sweeteners.

Lemon Perfect will use the funds to help scale the brand to more than 40,000 points of distribution by the end of the year, founder and chief executive Yanni Hufnagel said.

The financing takes the brand’s total funding to $42.2m, with a valuation of more than $100m less than three years since the sale of its first bottle.

The singer was joined by a network of investors across the food and beverage, media, music, sports and entertainment industries.

Lemon Perfect is Beyonce’s second investment in enhanced water after she participated in a seed round for watermelon-flavoured beverage WTRMLN WTR in 2016. Her other investments include the concert merchandise app Sidestep.