Air Up CEO Says IPO Not a Priority, Eyes European Listing Over US

Air Up, the German flavored-water bottle brand, has sold more than 15 million bottles and over 200 million flavor pods since its founding in Munich in 2019 by five students, CEO Cristina Kenz said. The company has drawn backing from investors including Ashton Kutcher, Mila Kunis and PepsiCo. Kenz said an initial public offering is not currently a priority, though she would favor a European listing over a US one if the company were to go public. She outlined three phases of growth — hype, virality and habit building — and said the company is now focused on the third stage through expanded distribution. Air Up operates 15,000 points of sale and is concentrating on four key markets: Germany, France, Italy and the UK. It is weighing further international expansion, with partners approaching from Korea, Mexico, Vietnam and Japan. The company's pods use scent alone to create the perception of flavor, a process it calls "scentaste."