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SipMargs has secured a $3 million investment led by Palm Tree Crew, a entertainment and hospitality company, as part of a major relaunch.

Social media personality Alix Earle has also joined as an investor and brand partner, becoming the largest individual backer. Existing investors, including Speight Family Ventures, are joined by high-profile names such as Fanatics CEO Michael Rubin, Steve Aoki’s Aoki Labs and Anti Fund, the venture capital firm co-founded by American boxer Jake Paul, and more.

The funding will support a rebrand under CEO Justin Nabozna, featuring an updated leadership team, enhanced formulation, upgraded packaging and a stronger market positioning.

The relaunch comes as the tequila market continues to grow, with a 7.9% increase in 2023. SipMargs offers five flavours – classic, mango, coconut, mezcal and spicy – made with tequila blanco from Jalisco, Mexico, real fruit juice, cane sugar and sparkling water. Each 12oz can contains 5% ABV, 130 calories and 6g of sugar.

Nabozna said: “We’re excited to embark on this new chapter of SipMargs at a time when tequila is becoming more popular in the ready-to-drink market and consumers are looking for more variety in their canned cocktails".

"Alix has already been such a creative and hands-on brand partner and investor, we are so excited to be working with her on building the brand and business. Additionally, Palm Tree Crew brings expertise in building consumer and lifestyle brands and has provided immediate impact beyond being our lead investor in this round.”

Myles Shear added: “We’re thrilled to back SipMargs as their lead investor for this exciting period of growth. We are honored to partner with Alix and the rest of the SipMargs team. We have very exciting things coming.”

The beverages will be available from 17 March online via the brand's website, on Gopuff in New York and Florida, and at select retailers in Florida, New York, Connecticut, Massachusetts, Virginia and Michigan.