Drizly Secures $13 Million In Series "A" Funding Led By Polaris Partners With Participation From First Beverage Group And Existing Investors
Company rapidly expanding and enhancing standard technology that legally connects alcohol supply and demand for the three-tier system of alcohol delivery
BOSTON, May 18, 2015 /PRNewswire/ -- Drizly, the technology company powering a superior shopping experience for beer, wine and liquor, today announced it has secured $13 million in Series A financing from Polaris Partners with participation from First Beverage Group and existing investors.
Drizly will use the proceeds to continue expansion of the industry standard for legally connecting alcohol supply and demand for the three-tier system, which comprises distributors, suppliers and sellers. The company expects to invest heavily in product development, sales and marketing, operations and global distribution.
Conceived in 2012, Drizly's technology and business model have created a legal framework for enabling licensed retailers to exploit opportunities in e-commerce, digital media, and data-driven marketing and operations. With the consent of regulators across the United States, Drizly currently operates in more than 15 American cities, with more than 150 retail and supplier partnerships.
"Off-premise alcohol sales is a $100 billion business that's untouched by technology," said Pat Kinsel, venture partner with Polaris Partners who will join the Drizly Board. "With Drizly, we are investing in a legal framework that connects alcohol supply and demand with full support of the industry players, who are all eager to see how innovation will transform their business."
The funding announcement follows a Drizly strategic alliance with the Wine and Spirits Wholesalers of America (WSWA). The alliance expands Drizly's presence with retailer partners across the country, enabling Drizly to serve more consumers and to provide those consumers with unparalleled choice and convenience. As part of the alliance, the WSWA took a small non-controlling interest and a seat on the Drizly Board of Directors.
A SUPERIOR SHOPPING EXPERIENCE
Drizly's apps and Web site feature an emphasis on ease-of-use and product discovery, adding new dimensions of surprise, delight, and interactivity to the unprecedented experience of getting alcohol delivered responsibly in 20-40 minutes. Users simply log in and are instantly able to browse from thousands of products with a shopping experience that parallels the best-in-class e-commerce platforms offered in other industries. With a few taps of a finger, product is scheduled for immediate delivery, or at pre-determined time in the future. Drizly also allows the consumer to send beer, wine or liquor as a gift to others across the country.
For the retailer, Drizly delivers incremental revenue and an added layer of security through its propriety ID verification system. Every retail partner of Drizly's is given this technology to use at the point of delivery to ensure the purchaser is of legal drinking age.
"In the past year, we've expanded from two cities to 15, grown our staff from three to 42 and built a product that makes purchasing alcohol informative, convenient and fun," said Nick Rellas, CEO and co-founder of Drizly. "We've laid the foundation and now through this latest round of financing, we've set our sights on growing our footprint across North America, increasing our visibility through larger marketing spends, and continuing to build out innovative products that produce new opportunities for brands and publishers."
In addition to powering a superior shopping experience, Drizly also offers an unprecedented set of technology and tools through its API, pioneering e-commerce opportunities in alcohol for publishers, social networks, and recommendation engines. The Drizly API provides third parties with a turnkey solution for deploying fast, convenient and responsible alcohol delivery inside of any consumer media experience, leveraging the largest and most sophisticated infrastructure delivery in the US.
ABOUT DRIZLY
Drizly is a technology company powering a superior shopping experience for beer, wine and liquor. Combining the best selection and price, content-rich and personalized shopping experiences, and the speed and convenience of on-demand delivery, Drizly delivers "The Joy of Drinking" to legal-age drinkers across the United States. Backed by a world-class group of angel and institutional investors, the company has raised $17.8 million to become a superior place to shop for beer, wine and liquor in Austin, Baltimore, Boston, Chicago, Denver, Indianapolis, Los Angeles, New York City, Providence, Seattle, St. Louis and Washington D.C., and other cities across the United States. For more info, visit www.drizly.com.
CONTACT:
Kerin Horgan, Sr. Manager, Communications, Drizly Inc.
508-577-1054, [email protected]
Emily Mendell, VP, Communications, Polaris Partners
781-522-6732, [email protected]
Follow us on Twitter, Facebook, Instagram, and on the web at Drizly.com.
Drizly, its logo and the "Joy of Drinking" are the trademarks and property of Drizly, Inc.
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SOURCE Drizly
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