Deals
Coca-Cola Joins A-Rod With Stake in Text-to-Pay Beverage Brand
- Iris Nova makes Dirty Lemon drinks, though it’s halted CBD one
- Startup valued at about $60 million after latest funding round
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Coca-Cola Co., facing shifting shopping habits that have roiled the food and beverage industry, is taking a minority stake in Iris Nova, the company behind a cashierless New York City store where customers pay for drinks via text message.
Coke, now the startup’s largest investor, led a $15 million investment round that values Iris Nova at about $60 million. Iris Nova is the maker of Dirty Lemon, a line of upscale drinks, including a recently discontinued one made with CBD, that found traction with customers on Instagram before the company launched its first retail location in Manhattan this year.