Momentum at Gravity following Swift concert deal, new CEO, and $1 million capital raise

March 1, 2024
By Cody Profaca

Gravity Drinks Co. has recently announced a $1 million capital raise along with the appointment of Greg Mitchell – ex-Coca-Cola Amatil and CUB – as its new CEO. The developments follow on from Gravity’s recent exponential boost in sales as a result of being Accor Stadium’s official supplier during the Sydney Taylor Swift concerts. 

Gravity Drinks Co. has also announced a new partnership with esteemed advertising agency Joy.

“The opportunity to invest alongside a brilliant bunch of people on a mission to change the way we drink was irresistible,” said Principal of Joy, Simon Rush.

“Their joyous approach to the category aligned beautifully with our business. We couldn’t be more excited to see where this ride will take us.”

Since launching in 2022, Gravity quickly succeeded in establishing itself as a leading figure in Australia’s RTD category, capturing an estimated 2% of the domestic hard seltzer market share within its first 12 months. This equates to a total of 192,000 cans sold and $900,000 revenue. The company has previously stated that it intends to occupy 10% of the hard seltzer market by summer 2025. 

The growth of Gravity over this period can be considered somewhat at odds to IWSR’s predictions that the hard seltzer category is maturing rapidly, however a combination of strong marketing campaigns and a clear ‘better-for-you’ message has helped establish its success.

In addition to its presence at the recent Swift concerts, Gravity have an ongoing partnership with Airseed Technologies, a Drone Tech Company that is striving to plant 100 million new trees in Australia by the end of the year. Gravity and Airseed plant seeds for every can purchased, and have planted 4,200 seed pods across 102, 800.6 m2 of land over the last two months alone. It also has received investments from prominent athletes such as Matt Poole, Cooper Chapman, Harley Clifford, Harry Bink and Jenna Louise.

One of the brand’s main points of differentiation is that it is brew-based in a manner similar to beer, only uses natural ingredients, and has a sugar content of less than 1%. Co-Founder and Chairman, Mick Spence, is confident that big things can be expected of the company in the near future.

“Our recent capital raise, the appointment of Greg Mitchell as CEO, and our collaboration with Joy showcase Gravity’s unwavering commitment to revolutionising the beverage industry,” he said. 

“We’re poised to set new benchmarks and redefine the landscape of better-for-you beverages in Australia.”

As part of its current growth plan, Gravity Drinks Co. is seeking to increase its number of stockists from its current 500+ to a target of 1,500+. The company recognises its entry into Coles Liquor stores within its first 12 months as a significant factor behind its success. 

Share the content