Beyoncé Backed Hydration Company, Lemon Perfect, Bags Nearly $37 Million In Latest Funding Round

Lemon Perfect, has raised another $36.8 million in its latest equity deal, according to an SEC filing, just one year after the Atlanta, GA-based hydration company closed a $31 million series A with involvement of internationally famed artist Beyoncé Knowles-Carter.

As a result of the investment, Carlton Fowler, Managing Partner of Goat Rodeo Capital Management officially joined Lemon Perfect’s board, alongside Rita Patel, as well as the company’s previous investors: Barak Bar-Cohen and Phillip Sarofim, the founder of Trousdale Ventures.

Other institutions, including Skyview Capital, Beechwood Capital, Melitas Ventures, LivWell Ventures, Riverside Ventures, and RCV Frontline are also backers of Lemon Perfect, food and beverage database aggregator FABID confirmed.

Former college basketball coach, Yanni Hufnagel, launched Lemon Perfect in 2017. Within a short three-year period, the nutrient dense cold-pressed lemon water has risen to become a viral enhanced beverage player, rivaling competitors such as Bai.

Upon closing series A in 2022, which put the company’s post-money valuation above $100 million, Lemon Perfect was targeting a triple-digit increase in annual revenue to more than $42 million. Beverages overall also maintained its position as the most-funded CPG segment in 2022 led by mega deals with Liquid Death and Olipop, FABID showed, accounting for a whopping 47% share of the total funding.

Hufnagel didn’t immediately respond to requests for comment. This is a developing story.