# #206 - Exit Interview: The Sale of Aura Bora

- Show: [The Startup CPG Podcast](https://hardwarepodcasts.com/podcast/the-startup-cpg-podcast)
- Published: 2025-07-22
- Length: 49m
- Episode: 173
- Page: https://hardwarepodcasts.com/podcast/the-startup-cpg-podcast/2025-07-22-206-exit-interview-the-sale-of-aura-bora
- Listen: https://share.transistor.fm/s/d4822e96

## Summary

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.

## Outline

1. Introduction and Aura Bora Background
2. The Sale to Next in Natural and Financial History
3. Beverage Industry Economics and Series B Challenges
4. The Sale Process and Investor Dynamics
5. CPG Conglomerate Valuations and Market Reality
6. The Critical Role of Timing in CPG
7. Category Analysis: Why Sparkling Water is Hard
8. Personal Growth and Lessons Learned
9. Fundraising Advice and Future Plans

## Topics

- [Pricing, margins & unit economics](https://hardwarepodcasts.com/topic/pricing-and-unit-economics)
- [Fundraising & investors](https://hardwarepodcasts.com/topic/fundraising)
- [Growth, exits & acquisitions](https://hardwarepodcasts.com/topic/growth-exits-and-acquisitions)
- [Direct-to-consumer & e-commerce](https://hardwarepodcasts.com/topic/direct-to-consumer)
- [Retail, wholesale & distribution](https://hardwarepodcasts.com/topic/retail-and-distribution)

## Most relevant to

companies scaling up

## Mentioned

- Aura Bora (product)
- Next in Natural (company)
- LaCroix (product)
- Waterloo (product)
- Perrier (product)
- San Pellegrino (product)
- Sierra Nevada (company)
- Sam Adams (company)
- Rowdy Mermaid (product)
- Coke (company)
- Pepsi (company)
- Dr. Pepper (company)
- Keurig (company)
- Smart Water (product)
- Vitamin Water (product)
- Honest Tea (product)
- Spindrift (product)
- Poppi (product)
- Zico (product)
- Kensington (company)

## Related episodes from other shows

- [Health-Ade Kombucha: Daina Trout (2020)](https://hardwarepodcasts.com/podcast/how-i-built-this/2023-01-09-health-ade-kombucha-daina-trout-2020) (How I Built This)
- [Poppi: Allison and Stephen Ellsworth.  From Farmers Market Vinegar Drink to $2B Soda Sensation](https://hardwarepodcasts.com/podcast/how-i-built-this/2025-09-22-poppi-allison-and-stephen-ellsworth-from-farmers-market-vinegar-drink-to-2b-soda) (How I Built This)
- [Liquid Death: Mike Cessario](https://hardwarepodcasts.com/podcast/how-i-built-this/2024-01-22-liquid-death-mike-cessario) (How I Built This)
- [Don Vultaggio: AriZona Beverage Company - The Snap Decision That Outsmarted Snapple](https://hardwarepodcasts.com/podcast/how-i-built-this/2025-09-01-don-vultaggio-arizona-beverage-company-the-snap-decision-that-outsmarted-snapple) (How I Built This)
- [Barefoot Wine: Bonnie Harvey and Michael Houlihan](https://hardwarepodcasts.com/podcast/how-i-built-this/2024-09-16-barefoot-wine-bonnie-harvey-and-michael-houlihan) (How I Built This)

## Citing this page

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