Hardware Podcasts

#206 - Exit Interview: The Sale of Aura Bora

The Startup CPG Podcast · 22 Jul 2025 · 49m · Episode 173

What this episode covers

Paul Voge, founder of Aura Bora, explains the sale of his sparkling water brand to Next in Natural, detailing the financial realities of the beverage industry. He discusses how shifting investor expectations and lower acquisition multiples from major CPG conglomerates forced the decision to sell rather than raise a Series B. Voge highlights the capital-intensive nature of sparkling water, low gross margins, and the importance of timing in business outcomes. He also reflects on his personal growth, learning to manage teams, and finding fulfillment in creation.

Most relevant to

companies scaling up

Topics

Mentioned

Companies
Next in Natural, Sierra Nevada, Sam Adams, Coke, Pepsi, Dr. Pepper, Keurig, Kensington
Products
Aura Bora, LaCroix, Waterloo, Perrier, San Pellegrino, Rowdy Mermaid, Smart Water, Vitamin Water, Honest Tea, Spindrift, Poppi, Zico

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