Celebrity investors aren’t exactly a new thing.
Ashton Kutcher, Leonardo DiCaprio, Justin Timberlake and any number of hip-hop artists are just a few of the more well-known who are happy to help out, and they seem to have a reasonably good strike rate with the choices.
DripDrop, however, doesn’t feel like a particularly exciting startup. Founded in 2010 by San Francisco physician Dr. Eduardo Dolhun, it’s a powder that turns water into a rehydration solution.
Which is not to say it won’t fly – there’s multiple sports uses and oral rehydration solutions are popular with NGOs in areas of the world where it’s difficult to source large amounts of clean water.
What DripDrop does have is the coolest trio of venture capitalists since, well, ever.
According to VentureBeat, there’s some connections with the San Francisco 49ers owners, which is not so surprising. But a large chunk of a recently announced $5.6 million windfall comes from Sammy Hagar, Bob Weir and Joe Satriani.
In case you didn’t know, that’s Van Halen, the Grateful Dead and the guitar great behind Surfing with the Alien.
Maybe they see DripDrop’s potential as a hangover cure.
It’s key marketing ploy is simple – it tastes nice, chief executive Doug Wolf told the Wall Street Journal.
“There are such drinks available through the World Health Organization, and other places, but babies spit this stuff out,” Mr. Wolf said. “Adults will only drink it if there’s a doctor right there watching them.”
There’s actually reason for Wolf to be optimistic if the likes of the rock trio are interested in his nutritional powder.
Hagar is actually quite an astute investor. His biggest hit was in fact a tequila, Cabo Wabo, which netted him $91 million a couple of years ago when it was acquired by Gruppo Campari.
It was his involvement with Cabo Wabo which saw him kicked out of Van Halen, where he had made barely a fraction of that $91 million.
And even when he was with Van Halen, he was turning over $4 million a year selling custom monster mountain bikes out of his shop in Sausalito, California.
Bob Weir’s investment history is more in line with supporting foundations and causes, so DripDrop fits in well with that.
There’s not a lot of information to be found on Satriani’s investment history.
His career virtually took off when his student Steve Vai partnered with David Lee Roth. For Satriani, Sammy Hagar seems like a better bet as retirement age approaches.
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