Edible alcohol company Ethyl Ambrosia has raised $450,000 in its first funding round, led by private equity firm Third Craft.
Based in Austin, Texas, Ethyl Ambrosia produces alcoholic shelf-stable gel bites, in wine- and cocktail-inspired flavours, such as Rosé, Mojito and Moscow Mule.
Made using three types of seaweed instead of gelatin, the 15% ABV bites are suitable for vegans and are each packaged in a ‘miniature champagne glass’. The food scientist behind Ethyl Ambrosia’s boozy offering is Mike Eisenmenger, who concurrently works in research and development for PepsiCo.
Also based in Austin, Third Craft was established to invest in challenger brands in the craft food sector – as well as in the enabling infrastructure space.
According to Ethyl Ambrosia, the capital raised in this financing round will be used to expand its sales, marketing and rebranding efforts.
“Our goal is to help people celebrate and connect, and we are excited to see that by applying this cutting-edge food technology and package design, we open up this fun and exciting product category to a whole new segment of consumers and higher-end celebrations,” said CEO Dee Dee Bryant.
“The venture firm not only brings capital to ramp up our efforts, but also brings significant strategic counsel in the food and beverage space.”
Ethyl Ambrosia’s chief science officer, Eisenmenger, added: “Bringing my passion for food innovation to the alcohol industry and leveraging the latest in food science and technology to unlock Dee Dee’s vision has been an amazing and fun experience.
“It’s not often we get to elevate a product/experience to new heights like what is being done at Ethyl Ambrosia.”
© FoodBev Media Ltd 2020
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