As 2024 comes to a close, the most-read stories on Refreshment highlight a year full of innovation and change. From big investments and strategic shifts to a focus on sustainability, these stories have resonated with readers throughout the year.

Looking back over the year, here are the top Refreshment stories that captured the most attention from our readers...

BrewDog founder backs functional soda start-up Living Things in pre-seed round

In June, Living Things, a UK-based functional soda brand, secured a £500,000 pre-seed funding round led by James Watt, the co-founder and former CEO of BrewDog.

In addition to Watt, the pre-seed round boasts a host of other experienced angel investors, underscoring the strong market potential that Living Things has demonstrated.

The investment came just six months after Living Things launched. During this time, the brand has seen impressive traction, selling over 100,000 cans and securing listings in more than 300 retailers including Whole Foods and Amazon.

The brand's sodas are formulated with prebiotics, probiotics and low sugar content, targeting health-conscious consumers. Watt, who now also serves as an advisor to Living Things, added that the brand's "incredible" product and "fantastic" founding team were key factors in his decision to lead the investment.

The fresh capital enables Living Things to expand its distribution, continue developing new products, and drive growth as it targets a run-rate of over £1 million by the end of 2024.

Read more here.

Conab forecasts decline in Brazil's 2024 coffee production

The Companhia Nacional de Abastecimento (Conab) – or, in English, the National Supply Company – published its third survey in September on Brazil's coffee harvest for 2024.

The report revealed an estimated production of 54.79 million processed bags, representing a decline of 0.5% compared to last year's output. This assessment highlighted the considerable impact of adverse weather conditions on production expectations, underscoring the challenges faced by the coffee sector this year.

Conab said that the weather had an influence between its second and third surveys, despite some estimates pointing to a good production potential of the crops.

Read more here.

Starbucks suspends guidance for FY2025 amid sales slump, CEO calls for major changes

Starbucks Corporation halted its fiscal year 2025 financial guidance after releasing unexpected results for 2024 that revealed a decline in revenue and a drop in quarterly earnings.

The world's largest coffee chain reported disappointing financial results for the fourth quarter and full fiscal year 2024, with a global sales slump leading to a 7% decline in global comparable store sales for the quarter and a 2% decline for the entire year.

In a video released on Tuesday, 22 November, Niccol said: "I've heard from some customers that we've drifted from our core, that we've made it harder to be a customer than it should be, and that we've stopped communicating with them. As a result, some are visiting less often, and I think today's results tell that same story."

He added that the company needed to "fundamentally change" its recent strategy to return to growth. He detailed plans to simplify the "overly complex" menu, adjust the pricing structure and modify the mobile ordering and payment system to prevent it from overwhelming the café experience.

Read more here.

Pret A Manger overhauls subscription service, faces customer backlash

UK coffee chain Pret A Manger announced significant changes to its 'Club Pret' coffee subscription service, which was launched nearly four years ago during the height of the Covid-19 pandemic.

The subscription, which played a crucial role in reconnecting with loyal customers and attracting new ones, underwent a transformation starting in September.

Clare Clough, managing director of Pret A Manger, highlighted the success of the scheme, noting that it brought in tens of thousands of new customers and facilitated the sale of over a quarter of a billion coffees. Clough stated: "It was an innovative way to reconnect with our loyal customers and introduce Pret to tens of thousands of new ones, bringing customers back into our shops with an offer that almost seemed ‘too good to be true’".

The revamped 'Club Pret' offers subscribers 50% off up to five barista-made drinks per day for a reduced monthly fee of £10, with a special rate of £5 available for both existing and new subscribers until 31 March 2025.

Read more here.

Bevi appoints Cathy Lewenberg as CEO

Bevi, a US-based company specialising in smart watercoolers, appointed Cathy Lewenberg as its new chief executive officer.

According to the company, Lewenberg's appointment came as Bevi expanded its product offerings and worked toward making the beverage industry more sustainable. Co-founder Sean Grundy shifted his attention to new ventures, including international expansion.

At Bevi, Lewenberg is prioritises accelerating growth and product innovation, strengthening the company's scalability and advancing its sustainability goals through strategic partnerships.

Read more here.

Hershey buys Sour Strips, expands sweets portfolio

The Hershey Company acquired Sour Strips, a fast-growing sour candy brand founded in the US in 2019.

Sour Strips' sour confectionery enhances Hershey's presence in the category and expands its reach to new consumers for more snacking occasions – Sour Strips has a large social media following.

Founded by social media personality Maxx Chewning, Sour Strips launched with the intention of zhuzhing up the sour candy category with a distinctive product that consists of shocking sour flavours.

Read more here.

Knoops secures £5m funding to boost global reach, appoints new non-executive directors

Chocolate café and retailer Knoops announced a £5 million fundraising initiative.

The capital raised supports Knoops' international expansion and strengthens its position in the market.

Alongside the fundraising, Knoops has appointed Pret A Manger and Itsu's founder, Julian Metcalfe, and former director of marketing and e-commerce at Marks and Spencer, Alice Avis, as non-executive directors.

Read more here.

BE WTR raises CHF 39m to expand sustainable water solutions

BE WTR, a Swiss company focused on sustainable water solutions, raised CHF 39 million (approx $45.5 million) in a Series C funding round.

The funding helps BE WTR's mission to offer eco-friendly, premium water solutions, ensuring access to high-quality drinking water while minimising single-use packaging and plastics. The company is actively involved in water purification, distribution and sustainability, aiming to redefine water consumption in residential, commercial and hospitality sectors.

The capital also supports the company’s entry into the Chinese and North American markets, as well as investments in R&D and product development.

Read more here.