Spadel invests in Something & Nothing
Brussels, 24 March 2025 – A few weeks after investing in French start-up Cherico, Spadel’s venture capital fund has already announced its second investment of 2025. The Source has acquired a stake in Something & Nothing, a British soft drinks brand that is proving popular with consumers looking for healthier, natural alternatives to traditional sodas. These “modern sodas” play on taste and design, with flavours such as yuzu or hibiscus & rose and cans with a minimalist look. Having already conquered the UK, the Netherlands and the USA, Something & Nothing aims to win over the rest of Europe in the coming years.
Something & Nothing is a brand created by entrepreneurs Oliver Dixon and Rupert Pugsley in 2017. At the time, they realized that the soft drinks market needed a new impetus. “While looking for interesting alternatives to classic sodas, I quickly realized that what was on the market didn’t seem very appealing,” explains Oliver Dixon. “It was time to launch a more adult orientated soft drink, with innovative flavours, natural ingredients and, above all, less sugar. Palates and expectation for health and flavour have changed - you only have to look at the explosion of street food in all major cities to see that. Rupert and I felt that beverages weren’t keeping up. So we decided to do something about it.”
It was this realization that led to the creation of Something & Nothing, “modern sodas” containing only natural ingredients, including extracts, juices and botanicals. Healthier products, as they are lower in calories, with no added sugars or sweeteners. Beverages whose flavours are inspired by travel and gastronomy, like the three varieties offered by the brand in Europe for the moment: yuzu, hibiscus & rose and cucumber. Other flavours will follow very soon, such as ginger & lime and pineapple & pink grapefruit, which are already available in the USA. “Our aim is to expand our range from 3 to 8 flavours by the summer”, says Oliver Dixon.
After Albert Heijn, Something & Nothing also arrives at Jumbo
Since their launch, Something & Nothing drinks have received an enthusiastic welcome from consumers. Particularly in the United States, which now accounts for 60% of the brand’s sales, and where Whole Foods is about to add Something & Nothing cans to its assortment. But also in the Netherlands, where the brand will very soon be available in Jumbo stores after winning over Albert Heijn supermarkets. Launched exclusively in 400 Albert Heijn stores in March 2024, Something & Nothing drinks have been so successful that the Dutch retailer decided to extend distribution to 1,200 stores in May 2024. Something & Nothing is also enjoying growing success in cities such as Berlin, Lisbon and Athens.
“Our success is linked to the unique taste and quality of our drinks, but also to the strength of our brand. The look of the cans provides an escape for people, evoking a feeling of travel. The minimalist, artistic design creates cut through in crowded fridges in stores”, says Oliver Dixon.
Spadel decided to invest in Something & Nothing, which recorded sales of over £3 million in 2024, because the group is convinced that the British brand still has enormous growth potential, both in the USA and in Europe. “Demand for alternatives to traditional sodas continues to grow,” points out Clément Yvorra, Global Business Development Manager at Spadel. “There's a real demand for higher-quality soft drinks. People want more variety and, above all, they want to get away from overly sweet and artificial tastes.”
Two B Corp certified companies
It’s also important to note that Something & Nothing shares the same values as the Spadel Group. Of course, both companies make a point of offering healthy, natural beverages to their consumers, but they go much further than that. Both are B Corp certified, underlining their commitment to having a positive impact on society and the environment.
In total, Something & Nothing has raised over 2 million euros from existing and strategic investors to finance its future growth.