NewHavenBIZ

12 n e w h a v e n B I Z | J u n e 2 0 2 1 | n e w h a v e n b i z . c o m By Matthew Broderick With $50M fundraise, Stratford brewer taking non-alcoholic beer industry by storm B ill Shufelt considers himself an accidental entrepreneur. He had a stable career in finance, was getting married and committed to a healthy lifestyle and had every intention to stay on that path. "Every element of my life was performance related between waking up early to work out, being intellectually sharp at work, and eating organic plant-based food," he said. "It was really about what inputs would make me the most productive on the outside." But he noticed that his social life in his late 20s — which predominantly involved alcohol — was inconsistent with his performance-related ideals. By 2013, he had largely stopped drinking, but felt like a social outcast with friends at sports bars, restaurants, weddings and barbecues without a beer in hand — and yet was underwhelmed by the taste and lack of choice in the non-alcoholic market, which, he says, had remained largely unchanged for 25 years. So, over the next two years, Shufelt researched the brewing industry, discovered how largely untapped the non-alcoholic beer market was, and built a business plan to address it. In 2017, Shufelt, with no business or brewing experience — but backed by $3 million from 80 angel investors he had solicited — quit his job and along with co-founder John Walker launched Athletic Brewing Co. in a 10,000-square-foot facility in Stratford. Walker, a Madison native, was the only brewer out of more than 200 nationwide Shufelt approached willing to join his non-alcoholic venture. Over nine months, Shufelt and Walker, an award-winning brew master in Santa Fe, New Mexico, started testing recipes to create Athletic's inaugural beer, including early versions in Gatorade jugs. When the company released its first official beer — a Golden Ale — in 2018, sales exceeded all expectations. "We outgrew our [Stratford] brewery, which we had built for a five-year run rate, in about 10 months," Shufelt recalled. He says the company sold about 5,000 barrels — roughly 1.6 million cans — in year one. at drew the attention of more investors who helped fund a second, 80,000-square-foot production facility in San Diego last year, which helped Athletic Brewing produce more than 40,000 barrels — roughly 13 million cans, an 800 percent increase in production over two years. Last month, the company announced it had secured its latest round of investment – a $50 million infusion that will be used to build a second, Connecticut-based production facility in the 200,000-square-foot range to keep pace with anticipated demand. e 150-employee company's brand and product have also attracted high-profile athletes as investors, including cyclist Lance Armstrong, Arizona Cardinals NFL player J.J. Watt, and former New York Giant Justin Tuck. Growing craft beer segment In part, Athletic's growth is fueled by shiing consumer preferences for more health- conscious alternatives and Millennials' affinity with cra beers. A 2020 survey Bill Shufelt (left) and John Walker are the owners of Stratford-based Athletic Brewing Co., a non- alcoholic brewery that recently raised $50 million from investors after a strong past year that included online sales. PHOTOS | CONTRIBUTED Athletic Brewing Co.'s top non-alcoholic beers include Upside Dawn (a golden ale), Run Wild (IPA) and Free Wave (IPA).

• Cover