For years, venture capitalists have been skeptical of beverage startups, citing thin margins and brutal distribution as reasons most brands never break out. But a new wave of “functional soda” companies has been challenging that assumption, including Poppi, the prebiotic soda brand that grew from a kitchen experiment into a $1.95 billion acquisition by PepsiCo. 

On this episode of TechCrunch’s Equity podcast, is joined by Poppi co-founder Allison Ellsworth to talk about building a beverage startup in a venture world dominated by SaaS and AI. From pitching on Shark Tank while nine months pregnant to going viral on TikTok and buying a last-minute Super Bowl ad, Ellsworth breaks down what it really takes to build a category-defining consumer brand — and what she looks for now that she’s back on Shark Tank as an investor herself.

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