Scoop: Olipop raising another $200 million

Prebiotic soda brand Olipop is planning to raise more than $200 million, sources tell Axios Pro.

Why it matters: It's a pivot after deal talks with strategics stalled last year.

The latest: Morgan Stanley is advising the company on the raise.

Follow the money: Olipop raised a $50 million Series C led by JPMorgan Growth Equity Partners at a roughly $1.85 billion valuation in early 2025.

It's raised $243 million total from investors including Monogram Capital Partners and celebrities Gwyneth Paltrow, the Jonas brothers and Mindy Kaling, per PitchBook.

What we're watching: The round is being positioned as a secondary raise and could prepare the company for an IPO.

Context: Sources say Coca-Cola engaged in talks with Olipop last year, but those talks ultimately stalled.

"We do not comment on market rumors or speculation," a Coke spokesperson said.

One source says Red Bull also engaged Olipop.

Zoom out: Big Soda has been circling the better-for-you beverage category as consumers increasingly prioritize healthy alternatives.

Coca-Cola was reportedly among the suitors for Olipop competitor Poppi, which was eventually acquired by Pepsi for nearly $2 billion last year. Coca-Cola launched its own prebiotic drink, Simply Pop, in 2025.

Through its investment in Nutrabolt, Keurig Dr. Pepper has a stake in Bloom Nutrition, which sells its own prebiotic soda.

Olipop, RedBull, Morgan Stanley, JPM Growth Equity and Monogram declined to comment.