SipMargs, a U.S.-based company specializing in canned margaritas, secured $2 million in a funding round spearheaded by the venture capital firm Lab Capital Advisors.
Established in 2021, SipMargs utilizes tequila sourced from the Highlands of Jalisco, Mexico, and provides a range of five flavors: classic margarita, coconut margarita, mango margarita, mezcal margarita, and spicy margarita. SipMargs stands out as a low-sugar, low-calorie, and low-carb option, boasting an alcohol content of 5% ABV.
As per the company’s statement, the raised capital will be employed to facilitate “ongoing expansion and innovation.” The company intends to utilize the funds to broaden its footprint in Michigan, Ohio, and Connecticut initially, with plans to extend into additional states, including Virginia and California, in 2024.
Justin Nabozna, CEO of SipMargs, said, “We’re extremely grateful for the support of our investors and are excited about the opportunities ahead. SipMargs has come a long way since our launch in 2021, and we look forward to growing our brand in the ready-to-drink cocktail market.”