Investors pour $2 million more into booze marketplace Drizly
Boston-based Drizly used to be known as the on-demand delivery app for alcohol. More recently, the company evolved into a marketplace that helps brick-and-mortar liquor stores to connect with and sell to customers nearby through web and mobile commerce. The Drizly app shows shoppers different prices on the beer, wine and liquor that theyre looking for at local shops, along with different delivery or pick-up options.As it matures, Drizly looks distinct from the on-demand delivery businesses it was once compared to, such as Instacart or Postmates. Now its more like travel metasearch sites like Kayak.com (owned now by the Priceline Group) or Tripadvisor. A recent SEC filing shows that investors support Drizlys strategic shift. They have added $2 million in venture funding to the companysSeries B round, which we reported on last summer. Polaris Partners led the Series B round in Drizly, which now totals $17 million. The extension brings the startups total venture capital raised to about $35 million. According to co-founder and CEO Nick Rellas, Drizly isusing thiscapital to build out new features and services, and to cover a greater number of US regional markets. Rellas said, Were starting to go into more suburban areas and even more rural areas where a store may not be able to offer delivery across longer distances. And while were offering in-store pickup as an option in some markets now, well roll that out across the US soon. The company will also developpersonalized recommendations for its users. Corporate customers who buy in bulk for holiday parties may be interested in a wide variety of on-trend alcoholic beverages, while wine enthusiasts may only want to see the best deals on bottles from their favorite vineyards. Drizly wants to keep them engaged while simplifying their search and shopping experience, Rellas said. Liquor stores, beer and wine shops pay Drizly a monthly licensing fee to use itssoftware and sell through its platform. The company sets pricesso that they make sense for stores in each given market, taking into account things like how much customers typically spend on alcohol in the area, and how much it would cost a store to offer delivery as an option.
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