Found, a uniquely profitable
& resilient business.

Driven by innovation & strong strategic partnership forged over a decade, Found's business model is scalable, profitable & resilient.


Found is the only independent beverage company produced by Danone Waters, bringing an overwhelming advantage in cost structure, margin and scalability.


Found has nationwide distribution networks enabling full coverage of the USA (Sysco, Compass Foods, UNFI as well as local independent distributors).


Found is majority family owned & managed, since 2007. The business runs on a variable model that incurs only revenue generating costs.

Opportunity amidst a crisis.

The culmination of key events enabled FOUND to connect with a new audience in a new way, within a category that continues to grow at 10% per annum.

Licensing rights

In 2020, Found’s 5 year licensing agreement to brand management company BWR came to an end. Found now has once again regained full control of the strategy & distribution of the Brand in the USA.

The COVID pandemic

The COVID Pandemic changed the landscape in the beverage industry. The gradual movement we were seeing towards online exploded overnight.  Many brands, both old & young, who relied on the retail sector have become casualties of the pandemic, creating unprecedented opportunity to win market share for those nimble enough to pivot.

Gen Z - a new native customer

Over the last few years GEN Z'ers have entered the work force, and at Found we have seen a significant opportunity arise in this new digital, truth seeking cohort. Conversion on new platforms (TikTok & Snap) is exceeding 14%, yet brands are yet to properly engage.

Found Bubbly Mission

As a purpose driven brand we believe we can play a small role in making the world a bubblier place. We know that laughter, compassion, and a positive mindset is contagious so we do our bit in helping spread it by rewarding and instigating Bubbliness. 

Stand out packaging

Found is one of the only brands in the sparkling water segment that can be competitively priced in a glass bottle, making it standout on shelf as a premium brand, a position that VOSS once held, that is open for the taking now.

DTC, On premise & Retail

2,000+ doors (Food service & Retail) will be re-activated by the strong national distribution network in place.

A DTC eco system led by an innovative campaign #bubblyme challenge will that instigates trial and nurture loyalty.

Zero Calorie & 0% alcohol

Bubbly Line

Collagen 10g & Zero Sugar

Bubbly Collagen Line

found bubbly™

A new positioning for a new mindset

Business Channel Overview per case (12 units)

Direct to Consumer

Avg. Sell Price: $30 p/c

Avg. COGS: $5.00 p/c

avg. Gross Margin: 82%


Sell Price: $10.00

COGS landed: $5

Gross Margin: 50%

Forecast Summary | $300,000 USD financing Scenario

The model below has been developed with a financial injection of $300k USD of which 80% will be invested into the Direct to Consumer Channel. The Wholesale frame work is already in place, only requiring minimal funding to capitalise on opportunity. Product production works on a positive cashflow cycle with low costs & high margins.

Jul '21 - June '22

- Re-activate the 2000+ pre-covid retailers.

- Build the Direct to Consumer channel to 17k orders a year.

Total Sales: 80k cases | $1.1M

- Direct to Consumer : 17k cases | $481k

- Wholesale: 63k cases | $635k

Gross profit: $712k

Yearly operating costs: $754k

Net Profit: -$54k / -5%

Jul'22 - June '23

- Scale up Direct to Consumer channel, with strategic investment in high ROI channels.

- Win key Fast Casual & retail business

Total Sales: 186k cases | $2.9M

-Direct to Consumer: 60k cases | $1.6M

-Wholesale: 126k cases | $1.27M

Gross profit: $2M

Yearly operating costs: $1.44M

Net Profit: $541K / 18%

Jul '23 - June '24

- Further scale in Direct to Consumer channel with ramping up in outreach spend on high converting platform.

- Win key Fast Casual & retail business

Total Sales: 330k cases | $5.8M

-Direct to Consumer: 140k Cases | $3.88M

-Wholesale: 190k cases | $1.9M

Gross profit: $4.1M

Yearly operating costs: $2.47M

Net Profit: $1.66M / 29%

Historical summary


In 2018 Found continued with strong momentum (+58% YOY) through distribution in top brands (Google, Facebook & LinkedIn offices, and top hotel chains & cafes).

2017 Rev $441k (+32% YOY)

Retail/On Premise: 87.5k cases | $700k (avg. sell price $8 EXW)

Gross profit: $451k

Yearly operating costs: $193k

Net Profit: $258k / 37%


The expected 120K case sales target was not met due to financial hardship encountered by BWR, the master licenser. BWR was eventually acquired by New Age (NBEV) a public company. Post acquisition, significant cuts to the operational structure of BWR ensured Found became collateral damage like many others within BWRs portfolio.

Retail/On Premise: 66k cases | $528k (avg. sell price $8 EXW)

Gross profit: $344k

Yearly operating costs: $271k

Net Profit: $73k / 14%


After a disappointing 2019, the COVID pandemic shutdown the on-premise sector, which equated for 75% of business. FOUND essentially hibernated into a no-expense / no activity model and worked strategically on this next phase.

Retail/On Premise: 27k cases | $219k (avg. sell price $8 EXW)

Gross profit: $119k

Yearly operating costs: $58k

Net Profit: $61k / 27%

The Management

Found is led by founders, Mark De Luca & Onur Kece. Now with 15 years experience in the beverage industry, the pair have achieved great success in the F&B segment as entrepreneurs, high level consultants, leaders and innovators.

Mark De Luca

Onur Kece

Eren Kece