Drizly Group, North America’s largest e-commerce alcohol marketplace, announced that it has closed a $50 million Series C funding round, led by Avenir, a New York-based investment firm, with participation by Tiger Global and other existing investors.
As consumers shift to online shopping for alcohol, Drizly expects 20 percent of off-premise alcohol purchases to be transacted online within the next five years, as compared to less than two percent in early 2020, Drizly said in its press statement.
Drizly operates in 235 markets across North America through a network of 3,300 leading independent and chain retail partners. Underpinned by the depth and integration of its retailer network, Drizly enables consumers to shop an enormous selection of beer, wine and liquor and enjoy a fully transparent shopping experience, where they can compare stores on price, delivery time, overall rating and more – all with the convenience of on demand delivery.
“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,” said Cory Rellas, Drizly Group’s CEO. “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 favorite beer, wine and spirits.”
“As the largest alcohol delivery marketplace in the U.S., Drizly is rapidly bringing the $120 billion off-premise alcohol market online,” said Andrew Sugrue, Co-Founder of Avenir. “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.”
The investment will support both Drizly and Lantern, an independently operated company within Drizly Group. Launched in March, and currently operating in Massachusetts and Michigan, Lantern is bringing the same compliance-first approach to online cannabis commerce. Together, the Drizly and Lantern platforms will enable Drizly Group to be the preeminent platform provider for online sales of regulated consumer products.
Drizly claims to be the world’s largest alcohol marketplace and the best way to shop beer, wine and spirits. The company partners with the best retail stores in over 1200 cities across North America to serve up the best buying experience. Drizly offers a huge selection and competitive pricing with a side of personalized content.
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