Retail

Drizly Notches $34.5M In Investments

Drizly Notches $34.5M In Investments

In a new round of funding, online alcohol delivery service Drizly reportedly notched $34.5 million in investments per a U.S. Securities and Exchange Commission (SEC) filing. The company has already raised $33 million, according to reports.

Reports stated that 17 investors were involved in the offering. The funding comes amid a change in the C-suite: Cory Rellas, who was Drizly’s chief operating officer, stepped into the chief executive spot that was held by Nick Rellas.

At the time, the company said in a statement, according to reports, “having taken on a more critical role in the operations of the company over the past few years, coupled with his experience at Bain Capital, Cory is poised to lead Drizly through the next stage of its growth.” The company also brought on a CFO, HR head and CMO. In addition, Drizly acquired on-demand alcohol delivery company Buttery, which was active in four cities, as announced by the company in July.

According to a report earlier this year, online alcohol delivery revenue increased almost 33 percent in 2017, growing at an average rate of 3 percent month over month. According to Slice Intelligence, Drizly’s growth helped to bolster the market, with revenue that grew by 62 percent in last year.

At the same time, it was noted that women purchased more alcohol online than men and comprise more than half – or almost 56 percent – of alcoholic beverages delivered online. Of this majority, close to 57 percent of the alcohol women are having delivered is wine. But the ladies aren’t the only ones who love their vino: The beverage is also tops for men, making up 47 percent of their online alcohol purchases per the report at the time. Beer was the second most popular alcoholic beverage at 27 percent, and spirits were in third place at just over 25 percent.

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