CBD Brand TRIP Closes Fundraise, Releases New Products
UK-based wellness brand TRIP has closed a $12 million funding round as it expands from CBD-infused drinks and oils into gummies.
Created in 2019 by the husband and wife team of Olivia Ferdi and Daniel Khoury, TRIP arrived in the U.S. in May 2021, buoyed by a $5 million investment from strategic investors Maria Raga, CEO of fashion resale app Depop, and Christian Angermayer, founder of atai Life Sciences. Both Raga and Angermayer led this latest round as well.
The brand’s product lineup offers four RTD beverages: a cold brew coffee and three varieties of flavored sparkling water — Elderflower Mint, Peach Ginger and Lemon Basil — each infused with 15 mg of CBD per 8.5 oz. can, plus herbs and botanicals including turmeric, ginseng, lemon balm and L-theanine. The drinks are available online and at its exclusive retail partner, Erehwon. TRIP is also the exclusive CBD partner for global hospitality group Soho House and Co.
As well, the brand markets two types of CBD tinctures — Wild Mint and Orange Blossom, both blended with chamomile and available in 500mg or 1500mg varieties — in recyclable 15ml bottles.
In an email to BevNET, Ferdi said the new funding will help TRIP continue to develop its omnichannel strategy and bring customers in the US and Europe “next generation wellness products to help people relax into their best selves.”
Even as distributors and retailers show an increased willingness to take on CBD drinks, TRIP has scaled as a digital-first wellness brand in the US. Unlike in the UK, where it commands 88% CBD market share and is sold in more than 11,000 retail locations, Ferdi said the brand is sold only at Erehwon in Los Angeles, but has still managed to generate outsized buzz and interest.
Despite the challenge of balancing those two differently positioned markets, she believes the company is best served by investing in the growth potential of both.
“We have pioneered CBD onto retail shelves in nationwide grocery stores in the UK and Europe, and we have established CBD in the mainstream,” said Ferdi. “What we see from customers new to TRIP is a sales velocity in retail that legitimately competes with the likes of Red Bull and Coca-Cola.”
The brand is planning to launch new U.S.-exclusive products in the near future. For now, TRIP is stepping into the edibles space with the launch of Wild Strawberry CBD Gummies, which contain 20mg of premium CBD and a blend of adaptogens to encourage relaxation. It is also adding a liquid sleep blend, called Dream Drops, to its line of tinctures.
Leaning into callouts for wellness and self-care, TRIP is positioned as being a non-intoxicating way to provide busy people with “a moment of calm in the everyday chaos,” Ferdi said. That means developing broadly accessible products and experiences that fit with individual lifestyles and appeal to all ages. According to Brightfield Group, the US CBD market is projected to generate over $9 billion in dollar sales in 2022, with an estimated $1.8 billion coming from tinctures, $1 billion from gummies and $780 million from drinks.
“Our focus at the moment is ensuring that we give our customers the best possible experience whenever they choose to use our products,” said Ferdi. “Whether you’re choosing a TRIP drink at lunch to help you find calm during your work day, or choosing to unwind in the evening with TRIP instead of a glass of wine, we want to ensure the product meets our consumers’ needs.”
