L Catterton invests in Viee to expand plant-based beverage brand in China

It aims to bolster Viee’s presence in its home regions of Sichuan and Chongqing.

L Catterton has announced a strategic investment in Viee, a leading plant-based beverage company popular in southwestern China. 

Viee’s products, which are often paired with spicy foods, are made primarily from peanuts and walnuts and are renowned for their ability to neutralise spice and grease.

The market for beverages consumed with food in China is expected to reach $60 billion by 2028, with non-alcoholic drinks increasingly preferred over alcoholic options, especially amongst health-conscious Gen Z consumers.

The investment will help Viee strengthen its presence in Sichuan and Chongqing, expand into nearby provinces, and grow across China. 

“The company has not only developed drinks which have become fairly ubiquitous in the region, but also established a vertically-integrated supply chain and wide network of distributors with whom it has longstanding relationships,” noted Scott Chen, a managing partner in the Asia fund of L Catterton. “Earnings have been on a clear uptrend and hit a record high in 2023, attesting to consumers’ enduring demand for Viee through market cycles.”

L Catterton’s beverage investments include Chi Forest, Glaceau Vitaminwater, Heytea, and others.