New York CNN Business  — 

For the “Why didn’t I think of that?” file: A startup that sells water in beer cans — that’s literally it — is approaching a $1 billion valuation.

Liquid Death raised a fresh funding round Monday, bringing its valuation to $700 million. Since its launch in 2019, the brand has had explosive growth thanks in part of because of its loyal fans, subversive marketing and unique packaging that its latest investor thinks it might be the “fastest growing non-alcoholic beverage of all time.”

Science Ventures led the latest round of $70 million. Liquid Death said it is on track to bring in $130 million in revenue this year — nearly triple last year’s revenue.

“With this momentum, the company is beginning to lay the groundwork for the IPO path in case it makes sense for the business as well as expand into Europe,” wrote investor Peter Pham in a Medium post.

Liquid Death is valued at $700 million.

Liquid Death is sold in 16-ounce cans at popular stores (including Target, 7-Eleven and Whole Foods), online and at concerts because of a deal it has with Live Nation. It recently expanded into flavored seltzer with unique flavors such as “Mango Chainsaw” and “Severed Line.”

Pham said the company’s name helped bolster its success.

“Like Tesla moved drivers toward better-for-the-planet EVs through sleek a great product and brand that became part of culture,” Pham wrote. “Liquid Death is moving people toward healthier and sustainable drinking options, not by preaching to them, but by entertaining them and making them a part of something bigger in culture.”

Online chatter and fandom can also be credited for its rapid rise in popularity.

“Most of the Twitter influencers have defined this non-alcoholic beverage brand as one of the fastest growing and appreciated its eco-friendly strategy which can disrupt the non-alcoholic beverage market,” wrote Smitarani Tripathy, social media analyst at GlobalData in a note Tuesday.