Owl’s Brew has completed Series A fundraising in a bid to expand its brand and launch Owl’s Brew Radler, a blend of tea and beer.

Investors that were part of the fundraising included ZX Ventures, which is part of Anheuser-Busch InBev, and Cambridge Companies SPG, a strategic investment company in the US.

Commenting on the achievement, Cambridge Companies SPG's chief operating officer (COO) and partner Filipp Chebotarev said: “We’re pleased to be part of such an innovative organisation.

“Cambridge Companies SPG is proud to be part of this fast growing brand which has established impressive category velocity, wide spread distribution, and strategic partnerships across North America.”

"[The brand] has established impressive category velocity, wide spread distribution and strategic partnerships across North America."

Owl’s Brew was developed by entrepreneurs Jennie Ripps and Maria Littlefield. The brand ventured into the growing craft beer category this year.

Owl’s Brew Radler is claimed to be the first ever mix of beer and tea. It will be introduced in three different flavours and will be released across the US in select on and off-premise locations in New York, New Jersey, Maine, Massachusetts, Connecticut, Vermont, Rhode Island, Pennsylvania, Delaware, DC, Maryland, Virginia, North Carolina, South Carolina, Georgia, Tennessee, and Ohio.

The company will also expand the distribution of its products to the west coast and the entire country at a later stage.