Hey, I'm Dan! I'mĀ the CEO of Plus and a venture partner at Madrona. I write the DL, a newsletter about tech in the Pacific Northwest

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šŸ’§ Wait, what?

OK - so everyone is super pumped about Snowflake and the future of data in the cloud. But have you heard about this bottled water IPO? Nongfu Spring IPO-ed a couple weeks ago at a $50B market cap. Andā€¦


Nongfuā€™s founder, Zhong Shanshan, owns 84% of the company, a stake worth $42B. šŸ¤Æ Thatā€™s how much ALL of the investors in Snowflake made, and twice as much as the founders, executives, and employees combined.


If youā€™ve ever been to China, youā€™ve probably had Nongfu Spring, which is like the Dasani or Evian of China. Hereā€™s a good summary on why this was such a hot deal:

  • Rising income and concerns about the safety of tap water are driving more people in China to drink bottled water
  • The average American drinks 141 liters of bottled water per year vs. 59 liters per person in China, so there is plenty of room for growth
  • Nongfu Spring has ~30% market share (largest competitor is 6.5%)


Now, Zhong Shanshan is now worth more than the founders of Alibaba and Tencent. Time to pivot from tech to bottled water startups!


ā€

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