Genki Forest
Manufacturer of sugar-free tea and flavored seltzer water intended for the consumer craving healthy and flavorful drinks
Beverages
📍 Beijing, China
Founded 2016
Current Valuation
$15B
as of 2021-Q4
DECACORN
Genki Forest (元气森林) built China's sugar-free beverage category, starting with erythritol-sweetened sparkling water and extending into energy drinks, ready-to-drink tea and dairy. Founded in 2015 by serial internet entrepreneur Tang Binsen, it grew from roughly $25M of annual sales in 2018 to about $390M in 2020 by running like a software company — fast product iteration, heavy convenience-store and online distribution — before investing in its own bottling plants to control supply. Its $15B mark comes from a late-2021 round and has not been re-tested.
Company Profile
Growth
Sales grew from ~$25M in 2018 to ~$390M in 2020, tripling its valuation to $6B in March 2021 and reaching a reported ~$15B by late 2021; no round has re-tested that mark since, and the Chinese beverage majors have since attacked the sugar-free category directly
Last Round
PE Growth/Expansion — $200M (Nov 2021)
Fundraising Status
PE Growth/Expansion · $200M · 4y 9mo ago
privateTotal raised $721.13M
Latest Funding Round
| Round | Amount | Date | Lead Investor | Post-Money |
|---|
| PE Growth/Expansion | $200M | Nov 2021 | — | $15B |
Founders & Key People
Tang Binsen
Investors
Sequoia Capital China · Temasek · Warburg Pincus · Hillhouse Capital · Genesis Capital · Longfor Capital
Products
- Sparkling water (sugar-free, erythritol-sweetened)
- Ranger / Alien energy drinks
- Ready-to-drink milk tea and dairy
- Bottled tea (Ranch series)
- Self-operated bottling plants across China
Competitors
Nongfu Spring · Coca-Cola China · PepsiCo China · Master Kong · Eastroc Beverage
ConsumerFood & BeverageBeveragesSugar-freeChinaDTC
Private-company numbers are not real-time. Reflects publicly disclosed valuations from press releases, news reports, and tender offers as of 2021-Q4. Refreshed quarterly.