"Akola group invests in a UK start-up

One of the largest agri-food groups in the Baltics „Akola group“ has invested a further EUR 0.6 million in the Lithuanian-founded UK-based natural functional drinks start-up „Brite“, the companies have announced.

After investing EUR 0.45 million in the start-up, „Akola group“ has decided to increase its funding and, together with „business angels“, completed an investment round in the autumn, which raised EUR 1 million for „Brite“, the company announced. 

„Akola group“ deputy director for finance and investments Mažvydas Šileika said that the decision to reinvest in „Brite“ was driven by the success of the targets.

The „Brite“ model is already in place in the UK, Lithuania and several other European markets, and we are seeing real steps towards expanding into the Middle East, Asia and elsewhere,

said Šileika in a statement.

Andrius Ratkevičius, one of the co-founders of „Brite“, said that the investment will primarily focus on expanding the team and sales in priority markets in Western Europe. He said that „Brite“ is already the most popular energy drink in the UK „Waitrose“ chain, and the company is looking to become a leader in several more countries.

The company's turnover this year is forecast to reach €4 million, double the figure for 2024. Next year, the start-up plans to reach a turnover of €14 million and enter the US market.

„Brite“ was founded in 2016 by chemical engineer A. Ratkevičius and professional athlete Simas Jarašūnas.

This is the fourth investment by „Akola group“ in start-ups and the third for beverage manufacturers.