About Cove Drinks
Cove Drinks is a company based in Halifax (Canada) founded in 2016 by Ryan Maclellan and John MacLellan. It operates as a Direct-to-Consumer (D2C). Cove Drinks has raised $4.23 million across 5 funding rounds from investors including Canadian Imperial Bank of Commerce and Government of Canada. Cove Drinks offers products and services including Cove Soda and Summer Pack. Cove Drinks operates in a competitive market with competitors including Joriki, MyDrink Beverages, Kiju Organic, Blu-Dot Beverage and Fortier Beverages, among others.
- Headquarter Halifax, Canada
- Founders Ryan Maclellan, John MacLellan
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Sectors
Consumer
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Phone
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Website
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Social
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- Legal Name Cove Drinks, Inc.
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Annual Revenue
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Net Profit
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EBITDA
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Total Equity Funding
$4.23 M (USD)
in 5 rounds
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Latest Funding Round
$339.13 K (USD), Series A
Mar 18, 2025
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Investors
Canadian Imperial Bank of Commerce
& 1 more
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Employee Count
Employee Count
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Products & Services of Cove Drinks
Cove Drinks offers a comprehensive portfolio of products and services, including Cove Soda and Summer Pack. The company's diverse product and service offerings are designed to meet the evolving needs of its customers, address market demands, and provide comprehensive solutions that drive value creation and customer satisfaction across various segments and use cases.
Probiotic soda offered in various nostalgic flavors.
A curated pack of refreshing soda flavors.
Funding Insights of Cove Drinks
Cove Drinks has successfully raised a total of $4.23M across 5 strategic funding rounds. The most recent funding activity was a Series A round of $339.13 thousand completed in March 2025. This substantial capital infusion reflects strong investor confidence in the company's business model, growth potential, and market opportunities. The funding enables strategic expansion, product development, market penetration, and operational scaling to drive long-term value creation and competitive advantage.
- Total Funding Total Funding
- Total Rounds 5
- Last Round Series A — $339,127
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First Round
First Round
(30 Aug 2019)
- Investors Count 2
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Mar, 2025 | Amount | Series A - Cove Drinks | Valuation |
investors |
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| Oct, 2024 | Amount | Series A - Cove Drinks | Valuation |
investors |
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| Sep, 2021 | Amount | Series A - Cove Drinks | Valuation |
investors |
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| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Jul, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Jan, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
Investors in Cove Drinks
Cove Drinks has secured backing from 2 investors, including institutional investors. Prominent investors backing the company include Canadian Imperial Bank of Commerce and Government of Canada. This diverse investor base provides strategic capital, industry expertise, and valuable network connections that support the company's growth initiatives, market expansion, and long-term value creation.
| Investor | Description | Founded Year | Domain | Location |
|---|---|---|---|---|
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Commercial banking services are provided to individuals and businesses.
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Founded Year | Domain | Location | |
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Online platform providing access to a wide range of government services and information
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Founded Year | Domain | Location |
| Investor | Description | Founded Year | Domain | Location |
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Single family office of Amitabh Bachchan, founder of Amitabh Bachchan Corporation or AB CORP
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Founded Year | Domain | Location | |
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Startup ecosystems are ignited through strategic investments by Signite Partners.
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Founded Year | Domain | Location | |
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Venture capital is directed toward companies in multiple sectors.
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Founded Year | Domain | Location | |
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Venture capital is invested in cybersecurity, fintech, and AI startups.
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Founded Year | Domain | Location |
Investments & Acquisitions by Cove Drinks
| Company Name | Description | Domain | Location | Founded Year | Amount |
|---|---|---|---|---|---|
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Bionic investment advisor platform
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2016 | ||||
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Fine Asian gourmet food is offered by an internet-first restaurant.
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2016 | ||||
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Physical e-commerce kiosks are deployed for rural purchases in Indonesia.
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2014 | ||||
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Fine Asian gourmet food is offered by an internet-first restaurant.
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2016 |
Financial Statements - Cove Drinks
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Jul, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Jan, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
Cove Drinks Comparisons
Competitors of Cove Drinks
Cove Drinks operates in a dynamic and competitive business environment, facing competition from various established players and emerging companies in the market. The competitive landscape includes prominent companies such as Joriki, MyDrink Beverages, Kiju Organic, Blu-Dot Beverage and Fortier Beverages, among others. This competitive environment drives innovation, market differentiation, and strategic positioning as companies strive to capture market share and deliver value to their customers. Understanding the competitive dynamics is crucial for assessing market positioning, identifying growth opportunities, and navigating the challenges inherent in a competitive marketplace.
| Company Name | Domain | Founded year | HQ Location | Description |
|---|---|---|---|---|
| domain | founded_year | HQ Location |
Beverages are manufactured for major brands and private label customers.
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| domain | founded_year | HQ Location |
Brand of smoothies, coconut water, energy drinks, and other beverages
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| domain | founded_year | HQ Location |
Multi-category beverage company
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| domain | founded_year | HQ Location |
Ready-to-drink beverages are produced and branded by Blu-Dot Beverage.
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| domain | founded_year | HQ Location |
Sells quality beverages including water and coffee with warehousing services.
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| Company Name | Domain | Founded year | HQ Location | Description |
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| domain | founded_year | HQ Location |
Multiple services are booked via an app-based platform.
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| domain | founded_year | HQ Location |
On-demand services are booked through an app-based platform.
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| domain | founded_year | HQ Location |
App based platform offering on demand delivery and ride-hailing services
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| domain | founded_year | HQ Location |
Operates an on-demand hyperlocal delivery app for food and groceries.
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Latest news on Cove Drinks
Frequently Asked Questions about Cove Drinks
When was Cove Drinks founded?
Cove Drinks was founded in 2016 and raised its 1st funding round 3 years after it was founded.
Where is Cove Drinks located?
Cove Drinks is headquartered in Halifax, Canada. It is registered at Halifax, Nova Scotia, Canada.
Who is the current CEO of Cove Drinks?
John MacLellan is the current CEO of Cove Drinks. They have also founded this company.
Is Cove Drinks a funded company?
Cove Drinks is a funded company, having raised a total of $4.23M across 5 funding rounds to date. The company's 1st funding round was a Series A of $3.55M, raised on Aug 30, 2019.
What does Cove Drinks do?
Cove Drinks is known for crafting probiotic sodas with nostalgic flavors. The company operates in the non-alcoholic beverage sector, focusing on health-conscious alternatives to traditional sugary sodas. Solutions are provided through a variety of flavors, free from artificial additives, targeting consumers seeking tummy-friendly and keto-friendly options. Community engagement and innovation are emphasized in their approach.
Who are the top competitors of Cove Drinks?
Cove Drinks's top competitors include Kiju Organic, MyDrink Beverages and Blu-Dot Beverage.
What products or services does Cove Drinks offer?
Cove Drinks offers Cove Soda and Summer Pack.
Who are Cove Drinks's investors?
Cove Drinks has 2 investors. Key investors include Canadian Imperial Bank of Commerce, and Government of Canada.