Drizly Group raises funds through Series C round

Drizly Group, an alcohol e-commerce company based in the US, has closed a $50m Series C funding round led by New York-based investment firm Avenir.

Other participants in the funding round include Tiger Global and existing investors.

Drizly Group CEO Cory Rellas said: “We’ve spent years methodically building the three-tier compliant e-commerce foundation for the alcohol category – a place where consumers love to shop and that retailers and brands now deem critical to their e-commerce growth strategies.

“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.”

The company noted that the investment comes amid its 350% growth this year in comparison with last year.

Since 1 January, the number of retail partners on Drizly’s platform reportedly doubled.

Drizly will use the funding to accelerate its position in e-commerce for beverage alcohol products.

Additionally, the investment will support Lantern, a company that operates within Drizly Group and was launched in March for online cannabis commerce. It currently operates in Massachusetts and Michigan.

Drizly Group expects both Drizly and Lantern to position it as the leading platform for online sales of regulated consumer products.

Drizly operates in 235 markets across North America through a network of 3,300  independent and chain retail partners.

In October 2016, Drizly launched a new marketplace feature to transform the way shoppers buy alcohol in the US.