Drizly Group, a North American alcohol ecommerce platform, has secured $50 million in funding as it records over 350% growth in the last year.
The Series C funding round was led by New York-based investment firm, Avenir, with participation from Tiger Global and other existing investors.
Founded in 2012, Drizly currently operates its on-demand delivery service in 235 markets across North America through a network of 3,300 independent and chain retail partners.
The investment comes after Drizly recorded growth of over 350% in 2020 as compared to 2019, and witnessed the number of retail partners on its platform double since January.
With its capital, Drizly plans to further its leadership position in ecommerce for alcohol, and support Lantern, a new independently operated company within Drizly Group.
Launched in March, and currently operating in Massachusetts and Michigan, Lantern is a cannabis ecommerce platform which partners with dispensaries and cannabis brands across the US.
“We’ve spent years methodically building the three-tier compliant ecommerce foundation for the alcohol category – a place where consumers love to shop and that retailers and brands now deem critical to their ecommerce growth strategies,” said Cory Rellas, Drizly Group’s CEO.
He added: “This investment by Avenir, alongside other existing investors, is a vote of confidence in our industry leadership and enables us to further accelerate our product and customer growth. We look forward to further building out our offering for retailers and brands while continuing to provide a consumer experience that comprises the best place to shop for your favourite beer, wine and spirits.”
Within the next five years, Drizly expects 20% of off-premise alcohol purchases to be transacted online, as compared to less than 2% in early 2020.
Andrew Sugrue, co-founder of Avenir, said: “With its laser focus on alcohol delivery, Drizly provides a best-in-class consumer experience with the widest selection, best prices and fastest delivery times, while enabling retailers, wholesalers and brands to thrive in the growing online market.”
© FoodBev Media Ltd 2019