Early Stage

The future of water, sourced from trees.

The future of water, sourced from trees.


Raised to Date: Raised: $472,050

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Year Founded



Food, Beverage, & Restaurants

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Katonah, New York

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Asarasi, with a $10M valuation cap, is raising funds on Republic. The company was founded by CEO Adam Lazar after he discovered a renewable, sustainable, plant-based, alternative source for pure water. Asarasi founded in July, 2014. The company is raising a crowdfunding round with a minimum goal of $25,000 and a maximum goal of $472.000. Asarasi is upcycled from 1 billion gallons of sugar-free sap water byproduct from the maple industry.

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Financials as of: 12/21/2020
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Raise History

Offering Name Close Date Platform Valuation/Cap Total Raised Security Type Status Reg Type
Asarasi 02/03/2021 Republic $10,000,000 $472,050 SAFE Funded RegCF
Asarasi 09/30/2020 Republic $10,000,000 $597,950 SAFE Funded RegCF
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In 2020, KingsCrowd rated Asarasi as a Deal to Watch. Now, the company is raising again. Given the time that has passed and the changes the business has undergone, our team felt it appropriate to revisit the company. The firm, in the simplest sense, is a provider of water. But it’s not just any water company. It offers a truly renewable source of the product by taking it from maple syrup companies. In short, when maple trees are tapped for sap, the single largest byproduct is water. In fact, for every 50 gallons of sap extracted, reverse osmosis yields only one gallon of maple syrup and 49 gallons of pure, drinkable water. Historically speaking, this water has often been discarded by syrup companies.

Given that only 3% of the world’s water is potable and that five-sixths of that is difficult or impossible to access, it’s logical to tap this resource in any way possible. Since its founding, Asarasi has locked down contracts to buy up to 100 million gallons of this water annually from a combined 110 family farms. If the firm were to exercise these contracts in full, it would be able to make 50 million cases of sparkling water products annually — which would be worth about $1.4 billion in sales each year.

At present, Asarasi’s products are distributed throughout more than 1,100 locations. Partners/customers include Chipotle, Fresh Market, Chex, and more. In 2020, the firm landed a $100,000 investment and partnership opportunity with Anheuser-Busch after winning that company’s 2020 100+ Accelerator. Asarasi also participated in the 2020 Berkeley Springs International Water Tasting Competition. There, it won first place in the flavored category for its Sparkling Tree Cherry Lime water. In all, the company has won more than $600,000 worth of prizes and investments since its inception.

There are other changes that have occurred since our last writing. For starters, the company closed its prior crowd raise with gross proceeds of $597,950. Their target was $1.07 million. Despite this lukewarm reception from the crowd raise community, Asarasi did post favorable sales results as measured by the number of units it moved. In the first three quarters of 2020, the company sold 18,396 bottles through its online channels. This number represents an increase of 77.4% over the 10,368 sold online the same time period a year earlier. The company has also sold more than 55,000 bottles to Chex, which were then made available in more than160 Fresh Markets across 23 states. In the four months ending in December 2020, management estimates that bottle sales through this arrangement totaled 17,090, nearly triple the 6,936 seen at the same time a year earlier.

Asarasi’s current Republic raise has been rated a Deal to Watch by the KingsCrowd investment team.

Next Section: Price


In order to keep Asarasi growing, the company is offering a SAFE that will convert at a 10% discount to the company’s next equity raise. That conversion is subject to a $10 million valuation cap. This matches the terms of the crowd raise the firm completed last year. This valuation is reasonable, given the company’s recent revenue increases. As a result, Asarasi’s price score is above average.

Next Section: Market


The market for water is truly vast. On a global scale it was estimated to be worth $770 billion in 2018. With an annualized growth rate expected for it of 3.5%, it should be worth about $854 billion this year. By 2023, the expectation is for it to climb to nearly $915 billion. The opportunity for Asarasi, however, is notably smaller because the company’s prospects are limited by the amount of sap that’s extracted annually.

According to our sources, about 14.29 million gallons of maple syrup were produced in Canada in 2020. The US produced a further 4.18 million gallons, with more than half of its share coming from Vermont alone. These two countries account for the overwhelming majority of maple syrup produced across the globe. If management’s water-to-syrup ratio of 49-to-1 holds true, this implies up to 914.44 million gallons of water they could source every year. At $1.69 per 12-ounce bottle or $6.99 for a pack of four of these, this implies revenue of between $16.48 billion and $17.04 billion annually. It is worth noting that the amount of syrup produced can vary materially from year-to-year. In 2018, for instance, Canada saw output of less than 10 million gallons. Generally speaking, though, the market for syrup should only grow over the long run. Due to these considerations, Asarasi scored very highly in the market metric.

Next Section: Team


The founder and CEO of Asarasi is Adam Lazar. Prior to setting up the company, he worked as a Category Business Manager at 5.11 Tactical. As a clothing retailer, there’s very little crossover between that and what Asarasi has been focused on. The general emphasis of management could apply, as could the fact that both involve logistics. But beyond that, the work is unrelated. Prior to working at 5.11 Tactical, Lazar served as a Product Development Manager of Hard Goods. He was also a Product Marketing Manager at Revision Eyewear. The first of these is a provider of wood, concrete, and steel products. The second is an eyewear firm as its name suggests. Beyond general management expertise, there isn’t much relevance between Lazar’s prior work and what he is doing today.

Though not a founder, the next big player at Asarasi is Dennis Noone. He serves as Asarasi’s Head of Sales and as its CRO (Chief Revenue Officer). Before joining Asarasi, he was a Principal at 12PMER LLC, and prior to that he was a Corporate VP of Sales at Henkel Consumer Goods. 12PMER LLC provides contract executive sales leadership for its client companies. Henkel sells products in the adhesive technologies, beauty care and laundry products categories. Once again, there is not strong crossover here. As such, Asaras’s team score is its lowest across all five metrics.

Next Section: Differentiators


In one sense, Asarasi is incredibly different from its peers. We could not find any other companies that derived water from the maple syrup production process. This concept is novel, and it could become an important source of water in a world where its potable form is uncommon. On the other hand, Asarasi is, at the end of the day, a water company. There is the possibility that many consumers won’t care about the renewable nature of the product when comparing price. In such a commoditized space, achieving a niche is definitely doable, but it’s challenging. Usually the winner is the player that can drive costs down the most. Balancing Asarasi’s unique product creation against potential difficulty with consumer appeal, the company’s differentiators score is above average.

Next Section: Performance


So far, management has yet to release financial results for 2020. However, unit sales clearly indicate that the firm had a great year. The only financial figures we do have cover 2018 and 2019. In 2018, revenue totaled $148,474, while in 2019 this figure grew to $185,392. Net losses were similar each year, dropping from $181,199 in 2018 to $180,184 in 2019. Operating cash outflows, meanwhile, improved from $166,451 to $131,158. While it’s discouraging to see the company generate losses and cash outflows, it’s to be expected for one so small. The continued growth in sales is what’s most important. Add in the contracts it has for up to 100 million gallons of water annually, its presence in more than 1,100 stores, and its partnership with Anheuser-Busch, and it should come as no surprise that Asarasi scored quite highly in the performance metric.

Next Section: Other

Bearish Outlook

There are limited bearish concerns regarding Asarasi. For starters, the market opportunity of the company is constrained by the syrup industry, which does add risk to the business. Its management team looks about average. The price of the company is a bit lofty, and the commoditized nature of its product does warrant some concern. None of these mean the firm is a bad investment — but investors should still be cognizant of them.

Next Section: Bullish Outlook

Bullish Outlook

While there are some negative aspects to Asarasi, there are bullish ones as well. First and foremost is the performance of the company in recent years. It’s clear that sales are continuously rising, and its losses and cash outflows are reasonable for a business its size. While the market for the company is constrained, it does still benefit from the fact that it’s the only real player. Add in its presence in stores and other locations across the country, as well as its partnerships and awards, and there’s plenty for investors to be excited about.

Next Section: Executive Summary

Executive Summary

Putting everything together, it appears clear that Asarasi is an interesting business. The firm is far from being a riskless play. But management has definitely latched onto an interesting concept that is showing signs that it can succeed. Due to the fact that we believe the rewards outweigh the risks, Asarasi is a Deal to Watch for a second time.

For questions regarding the KingsCrowd staff pick or ratings for this company, please reach out to

Analysis written by Daniel Jones.

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Asarasi on Republic
Platform: Republic
Security Type: SAFE
Valuation: $10,000,000

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