Waterdrop: Austrian Drink Scale-up Raises €100M to Scale D2C Business
Vienna-based drinks scale-up Waterdrop has closed a new funding round of more than 100 million euros. The company plans to use the fresh capital to accelerate its expansion in Europe and further grow its direct-to-consumer business.
Three new investors are participating in the round. Aspeya, a wellness-focused company under the ownership of Philip Morris International, is joining alongside Zagreb-based listed food and beverage group Atlantic Grupa. The latter states it is investing 11 million euros. In addition, alpine ski World Cup champion Aleksander Aamodt Kilde is investing as an individual investor.
This further expands an already notable list of shareholders. Existing investors include, among others, Singapore-based investment company Temasek, companies Döhler and Bitburger, as well as a number of international athletes.
Atlantic Grupa: From distribution partner to shareholder
Atlantic Grupa is no stranger to Waterdrop. The group had already been active as a distribution partner in Austria, Croatia, Serbia, and Slovenia. With an eight-figure investment, it is now joining as a shareholder and will receive a seat on the investment committee.
“This investment reflects our conviction in the long-term potential of Waterdrop and our commitment to developing it further together across Europe and beyond.” (Lada Tedeschi, Group Vice President Corporate Strategy and Investments, Atlantic Grupa)
How the capital will be deployed
Waterdrop plans to invest the fresh capital across several areas, with growth and product development at the forefront.
- Expansion of European growth
- Scaling of the retail business
- Growth of direct-to-consumer activities in key markets
- Investment in product development
According to the company, approximately 70 percent of revenues are already generated through its own online shop. CEO Martin Murray emphasises the strategic importance of the new partners.
“Aspeya and Atlantic Grupa bring the strategic depth, distribution power, and long-term conviction that this next chapter requires. We are profitable, we are growing, and with these partners by our side, we are ready to move faster,” said Murray, CEO of Waterdrop.
Waterdrop: Ten years after founding
Waterdrop was founded in Vienna in 2016 by brothers Martin and Henry Murray together with Christoph Herrmann. The idea emerged a year earlier: on a business flight, Martin Murray began thinking about the inefficiency of conventional beverage logistics. This led to the company’s core product: small cubes made from fruit and plant extracts, free from sugar and artificial preservatives, that dissolve in water.
Ten years after its founding, Waterdrop reports more than five million online customers worldwide and annual revenues of around 150 million euros. The company is listed in over 20,000 points of sale and operates around 50 of its own stores across Europe, the USA, Japan, and Australia. Waterdrop closed the 2025 financial year profitably for the first time.
As an official Hydration Partner, the company now also sponsors the Australian Open and the ATP Tour.
