BevNET.com:

First Beverage Ventures has exhausted its first fund and is now looking to raise a second.

Started in April, 2013, First Beverage Ventures is the direct investment part of founder Bill Anderson’s First Beverage Group, which also does investment advising and consulting work. Tom First, one of the fund’s managing partners, confirmed today that Coca-Cola’s Venturing & Emerging Brands group is again expected to join the capital pool.

First said he hopes to close the fund by the first half of the summer, although other investors could join by the fall.

The first fund has tried to focus on investments that looked to the future of the beverage industry, First said, placing bets on beverage-related technology firms Drizly and Repsly and brick and mortar company Project Juice, as well as emerging beverage brands like Essentia Water, Health Ade kombucha and Purity Organic juices. The second fund will expand to include potential investment in craft spirits and other alcohol investments and capabilities, First said.

“We’re really looking for great companies in categories that we believe are or can be billion-dollar categories,” First said. “We’re trying to find a very well-led company with a great founder or CEO in a category we believe in.”