Drizly, a Boston-based on-demand alcohol delivery company, has secured another $34.5 million as part of a Series C fundraising round, according to a December 10 SEC filing.
The round was led by New York-based hedge fund Tiger Global Management, Brewbound confirmed.
Earlier this year, Tiger Global Management made a whopping $3 billion as part of Walmart’s $16 billion acquisition of India’s largest online retailer, Flipkart. Tiger Global Management, which had owned about 20 percent of the e-commerce giant, retained a 5 percent stake and a seat on that company’s board.
Including Tiger Global Management, a total of 17 investors participated in Drizly’s latest round, according to the SEC filing, which listed Polaris Partners’ Patrick Kinsel, Continental Advisors co-founder Paul Purcell, and Southern Glazer’s Wine & Spirits executive vice president Barkley Stuart as directors of the fast-growing e-commerce company.
Both Kinsel and Stuart joined Drizly’s board in mid-2015, following a $13 million Series A round. That round, along with its $15 million Series B raise, was led by Polaris Partners. Purcell, meanwhile, has served on Drizly’s board since mid-2014.
Founded in 2012, Drizly has now raised about $70 million across multiple fundraising rounds from a variety of investors. Early-round investors also included First Beverage, Suffolk Equity, Gary Vaynerchuk (via the Vayner RSE fund) and the Wine & Spirits Wholesalers of America.
Six-year-old Drizly, which processed over 1 million transactions in 2017, currently bills itself as “the world’s largest alcohol marketplace.” Its mobile application enables consumers to shop for beer, wine and spirits and compare prices.
Drizly, which operates in more than 100 North American markets and recently expanded into Vancouver, Canada, has forged partnerships with more than 1,000 retailers. The company is aiming to add another 2,000 retail stores in 2019, according to source with knowledge of the company’s growth strategies.
The latest fundraising round follows several executive moves by the company. In August, Drizly co-founder Nick Rellas stepped down as CEO, turning the position over to cousin and co-founder Cory Rellas. Nick Rellas maintains a seat on the board.
In July, the company acquired Buttery, a competing alcohol delivery service that had operated in four cities. Terms of that deal were not disclosed.
Also this year, Drizly hired Scott Braun as its new CMO. It also brought on a new chief financial officer, in Joe Grabmeier, and hired Gabriela McManus as its first “head of people operations.”