Athletic Brewing

Shufelt, a former hedge fund trader who stopped drinking in 2013, spent years searching for a brewing partner after concluding that the American market offered little in the way of quality AF craft options. Walker joined as co-founder and devoted considerable development time to a proprietary brewing process that keeps fermentation below 0.5% ABV throughout, rather than brewing to full strength and removing the alcohol afterwards. The approach preserves grain character from the start rather than working backwards from a stronger base. Athletic Brewing launched its first products in 2018, and the brewery has not produced any alcoholic beverages since, a founding commitment maintained without exception.

The range now spans IPAs, golden ales, lagers, stouts, sours, and limited-edition collaborations, covering a breadth of styles unusual for a dedicated AF brewery. Two large-scale production facilities support that output: one in Milford, Connecticut, and one in San Diego, California.

Fitness-focused drinkers have been central to Athletic Brewing's positioning from the outset. The brand runs a Two for the Trails programme, donating 2% of all sales to trail and park restoration, linking its identity directly to running, cycling, and outdoor communities. That precise audience alignment has helped Athletic Brewing build a strong following among active drinkers who reach for beer-like flavour and variety as a matter of preference.

Investment has tracked the brand's growth at pace. Keurig Dr Pepper took a minority stake via a $50 million investment in 2022. In 2024, General Atlantic led a further $50 million funding round valuing the company at approximately $800 million. Athletic Brewing entered the UK market in 2020 and distributes internationally through specialist alcohol-free retailers, with the range positioned in the premium bracket.