Liquid Death company profile: valuation, funding & revenue

This Liquid Death company profile covers the company's valuation, revenue, funding rounds, investors and history. Liquid Death works in consumer, with a focus on beverages. It was founded in 2017 and is headquartered in Santa Monica, California, United States. Its latest valuation on record is US$1.4 billion (March 2024). Every figure links to a public source, and anything the company hasn't disclosed is marked as such.

Revenue

US$263 million — Retail sales through registers in 2023 (company-reported), as of 2023. Source: BevNET.

Funding history

Liquid Death timeline

Key dates from the sources on this page, oldest first. Metric snapshots are listed after the funding events.

• 2017 — Liquid Death is founded in Santa Monica by Mike Cessario (CEO).
• 2022 — Series D: See source, valuing the company at About US$700M.
• Mar 2024 — Strategic financing: US$67M, valuing the company at US$1.4B. Investors: Top distributors; SuRo Capital; Live Nation, Science Inc., Gray's Creek Capital Partners.

Investors

Overview

Liquid Death is a beverage company that sells mountain water, sparkling water and flavoured drinks in tall aluminium cans with heavy-metal-inspired branding and the slogan "Murder Your Thirst". The idea was to make a healthy product, water, as fun and cool to drink as beer or energy drinks, while reducing plastic bottle use. Its irreverent marketing, including comedy videos, merchandise and stunts, built a large following, and the brand reached US$263 million in retail sales in 2023. In March 2024 it raised US$67 million at a US$1.4 billion valuation, with several of its largest distributors among the investors.

Mike Cessario, the CEO, founded Liquid Death in 2017 and launched the product in 2019. Cessario previously worked as a creative director in advertising. He got the idea after seeing musicians at a festival drinking energy drinks from cans and noticing that healthy drinks lacked an edgy brand. His advertising background shaped the company's marketing-first approach.

Products

• Mountain water: still water in aluminium cans and bottles.
• Sparkling water: plain and flavoured sparkling water with names such as Severed Lime and Mango Chainsaw.
• Iced teas: lightly sweetened teas sweetened with agave.
• Sparkling energy and other drinks: new flavours and categories over time.
• Merchandise: clothing, skateboards and collectibles that extend the brand.

Funding

Liquid Death raised more than US$200 million from investors before 2024, including Science Inc., Live Nation and Gray's Creek Capital Partners, with a 2022 Series D that it said valued the company at about US$700 million. In March 2024 it closed US$67 million in strategic financing at a US$1.4 billion valuation, roughly double its prior valuation. Eight of its ten largest distributors invested, along with new institutional investor SuRo Capital and celebrity investors. The company said the money would expand national distribution and fund product innovation.

Revenue

Liquid Death said it achieved US$263 million in retail sales through registers in 2023, with triple-digit growth for the third consecutive year according to SPINS data. Retail sales measure what consumers paid at stores, which is higher than the company's own wholesale revenue. We report the figure with that label.

Business model

Liquid Death sells its drinks through distributors to grocery stores, convenience stores, Whole Foods, Target, Walmart, bars, restaurants and venues, and directly online. Water is a low-margin product, so the brand's premium pricing, aluminium packaging and expansion into higher-margin flavoured drinks and teas are important. Merchandise and marketing partnerships add revenue and awareness. Having distributors as shareholders aligns them with the brand's growth.

Competition

Liquid Death competes with large beverage companies such as Coca-Cola (Dasani, Smartwater, Topo Chico), PepsiCo (Aquafina, Bubly), Nestlé and Keurig Dr Pepper; with sparkling water brands such as LaCroix, Spindrift and Waterloo; and with other canned water brands. Its differentiation is branding and culture rather than the water itself.

Liquid Death at a glance

Liquid Death is a Los Angeles-area beverage company founded in 2017 by advertising creative director Mike Cessario. It sells canned water, sparkling water and teas with heavy-metal branding. It reported US$263 million in 2023 retail sales and raised US$67 million at a US$1.4 billion valuation in March 2024, with major distributors among its investors.

Timeline

• 2017: founded.
• 2019: launches canned mountain water, first online.
• 2020–2021: enters Whole Foods and other national retailers.
• 2022: raises a Series D at about US$700 million.
• 2023: retail sales reach US$263 million.
• March 2024: raises US$67 million at US$1.4 billion.

Marketing as the product

Liquid Death treats marketing as entertainment. It has released comedy videos, sold a skateboard printed with Tony Hawk's blood, run "sell your soul" contracts as a joke, and partnered with musicians and events. The approach turned a commodity product into something people want to be seen with. For brand builders, it shows how strong creative identity can stand out in categories dominated by giants with huge advertising budgets. The risk is that novelty fades, so the brand must keep finding fresh ideas.

The plastic angle

Liquid Death emphasises that aluminium cans are recycled at higher rates than plastic bottles and can be recycled repeatedly, aligning with consumer concerns about plastic waste. Its "Death to Plastic" messaging gives the humour a purpose. Critics point out that aluminium production has its own environmental costs and that tap water is the most sustainable option, but the positioning has resonated with many consumers.

Who buys Liquid Death

Liquid Death's customers include younger consumers, music and skate fans, health-conscious drinkers who want an alternative to sugary drinks, and venues and bars that want a non-alcoholic option with personality.

Valuation context

A US$1.4 billion valuation on US$263 million of retail sales reflects investor belief in brand growth. Beverage brands are often valued on potential acquisition by a major company, as with Celsius' distribution deal with PepsiCo and other brand purchases.

Risks

• Low margins: water and shipping costs pressure profits.
• Brand fatigue: edgy marketing must keep evolving.
• Competition: giants can copy packaging and outspend on distribution.
• Retail placement: shelf space is costly and contested.

How beverage brands grow

In the beverage industry, a brand's success depends heavily on distribution: getting products into fridges and shelves in thousands of stores, bars and venues. Independent distributors and large bottlers control much of this access, and they prioritise brands that sell quickly. That's why Liquid Death's 2024 round, in which most of its top distributors invested, was significant: it gave them a direct stake in the brand's success. Many successful beverage brands, from Vitaminwater to Celsius, eventually partnered with or were acquired by major companies that could put them in front of far more customers. Liquid Death's path could follow that pattern, or it could try to stay independent and grow through its own distribution network and marketing. Either way, steady sales velocity in stores is the metric that matters most.

Questions for retailers and buyers

• How fast does the product sell compared with other waters in your store?
• Which flavours and pack sizes perform best?
• What marketing support comes with the brand?

Latest developments (October 2026)

Our October 2026 review found no new funding round for Liquid Death after its March 2024 raise of US$67 million at US$1.4 billion, which remains the latest valuation. The company has continued expanding beyond canned water into flavoured drinks and other beverages sold mainly through retailers. See our DTC brands guide.

What to watch

Watch new product categories, sales growth, distribution expansion and any acquisition interest from large beverage companies.

Takeaways

Consumers get a fun alternative to plastic-bottled water and sugary drinks. Founders can see how branding can transform a commodity. Investors should watch whether growth and margins support its valuation.

Sources

Every figure on this page comes from the public sources below. Where sources disagreed, we used the company's own announcement or a primary news report. Private-company data changes; check the date beside each figure.

1. Business Wire
2. BevNET
3. Food Dive