When Bill Shufelt and John Walker introduced their non-alcoholic craft beer six years ago, they tapped into a market that was largely unrecognized by consumers. Today, their company, Athletic Brewing Company, has become one of the ten largest craft breweries in the United States.

Athletic Brewing’s products have become the top-selling beer, surpassing both alcoholic and non-alcoholic options at Whole Foods, the grocery chain owned by Amazon. The brand also made its debut in Canada and the UK in 2021, with availability in supermarkets like Tesco and various pub chains.

The brewery has seen its latest valuation surge to $800 million following a substantial funding round. Last year, it sold over 255,000 barrels, a remarkable increase from just 875 in 2018. In 2022, they expanded operations by opening the world’s largest dedicated non-alcoholic brewery in Milford, Connecticut.

Shufelt, now 41, recalls the challenges faced when initially seeking investments. “We approached investors without a product or proof of concept,” he explained, reflecting on the skepticism they encountered. Over time, they garnered support from notable backers, including TRB Advisors and Keurig Dr Pepper.

This entrepreneurial journey began when Shufelt, then a hedge fund trader in New York, recognized the disconnect between his lifestyle and his health. Frequent nights out left him feeling unwell and impacting his performance at work. It was during a period of training for an ultra-endurance event that he eliminated alcohol, experiencing significant improvements in his well-being.

Shufelt’s quest for quality non-alcoholic options led him to embark on creating beverages that would pair well with meals, enhancing the dining experience instead of detracting from it. His wife, Jacqueline, spurred him to pursue this vision seriously, and after two years of planning, he committed to launching the company.

In search of a brewing partner, Shufelt faced numerous rejections until he connected with John Walker, a fellow Connecticut local and experienced brewer. Together, they spent months refining their zero-alcohol recipes, aiming to elevate the taste and variety available in the market.

Walker emphasized the importance of unique recipes, stating, “We focus exclusively on non-alcoholic beer, creating different styles rather than just one generic lager.” Unlike traditional methods of producing non-alcoholic beer, Athletic Brewing employs a nuanced approach to preserve the integrity of the ingredients, resulting in a product that offers a genuine beer experience.

Even during the pandemic, Athletic Brewing continued its expansion by signing for a large facility in San Diego, which proved beneficial as competitors stalled. By 2023, the company achieved $90 million in revenue, capturing a 19% share of the U.S. zero-alcohol beer market and contributing significantly to category growth, according to NielsenIQ.

Nutritionists point out that while Athletic Brewing’s products do have calories, the absence of alcohol is a substantial health benefit, minimizing negative impacts on sleep and diet choices.

In a move highlighting its growing influence, Athletic Brewing became the first official non-alcoholic beer partner of Arsenal FC, with its Run Wild IPA featured at London’s Emirates Stadium.

With a commitment to employee ownership, Athletic Brewing’s founders are exploring expansion opportunities in international markets. They are also open to the idea of an initial public offering in the future, although for now, they appreciate the agility that comes with being a private entity.

Shufelt’s career transformation from a trader’s schedule to focusing solely on Athletic Brewing has brought him fulfillment. He now dedicates his mornings to advancing the company, finding the experience profoundly gratifying.