The Angel Group invested $105,000 in prebiotic soda brand Poppi, which PepsiCo is buying for nearly $2 billion

March 17, 2025 6:50 pm ET|WSJ Pro

Poppi founders Stephen and Allison Ellsworth with Adam Spriggs (right), founder-member of The Angel Group. Photo: COURTESY OF ADAM SPRIGGS

The $1.95 billion sale of prebiotic soda brand Poppi to soft drink and snack foods giant PepsiCo will pay off in a big way for a group of consumer packaged goods investors.

The Angel Group—a syndicate of sector operators, investors and consultants—scored a return of 88 times the $105,000 it invested in Poppi in 2020 at a $22 million valuation, said founding member Adam Spriggs. 

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