Wine & spirits e-Commerce startup Speakeasy Co. raises $2m seed round to accelerate growth
Speakeasy Co., a technology company and e-Commerce platform for the wine & spirits industry, announced a $2 million seed round led by Trog Hawley Capital LLC with participation from other notable investors, including Revolution's Rise of the RestSeed Fund.
Speakeasy Co. is revolutionizing the wine and spirits industry by transforming brands into e-Commerce companies, empowering partners to own their own destiny and customer relationships for the first time. Since January 2020, Speakeasy Co. has scaled from roughly 40 to over 280 brands on the platform as of August 2021, helping partners survive the pandemic. With the top brand selling hundreds of thousands per month, e-Commerce is now a differentiator to thrive in the new digital world. Speakeasy Co. partners include many emerging brands and major suppliers, spanning ready-to-drink beverages, wine, beer, spirits as well as Tesla Tequila.
Alexandru Monul, President, Trog Hawley Capital LLC: "We are truly impressed with the business that Josh, Michael and team have created, focused on the intersection of two notable mega trends, premium craft alcohol and e-Commerce. Not only do we recognize the tremendous value of what Speakeasy Co. has created for both brands and consumers, but also really admire the leadership team that Josh and Michael have put into place and look forward to being part of Speakeasy Co.'s bright future."
This additional growth capital comes less than a year after Goat Rodeo Capital, a venture capital fund focusing on early stage opportunities in the Alcohol Beverage space, provided Speakeasy Co. with a strategic investment that fueled recent growth.
Josh Jacobs, Co-founder and CEO, Speakeasy Co.: "We are humbled by the success generated to-date and could not think of a better group of strategic partners to help take the company to the next level." Jacobs continues, "We intend to leverage the unique expertise and experience these investors bring across various facets of our business."
Michael Bowen, Co-founder and COO, Speakeasy Co.: "The confidence being placed in Speakeasy Co. through this latest round validates our unique value proposition to the wider beverage alcohol sector. The time and effort poured into developing our state-of-the art technology and logistics has put us on the fast path to becoming the leading e-Commerce and fulfillment platform in the industry."
Speakeasy Co. will use the additional funds to further fuel growth and bolster services for brand partners. Increased investments in people, technology, offerings, and logistics are already in motion as part of the team's relentless pursuit to empower brands to own their destiny and optimize consumer experiences. The investment lands in advance of the anticipated holiday season, thus enabling Speakeasy Co. to launch several holiday-related endeavors.
David Hall, Co-Managing Partner, Revolution's Rise of the Rest Seed Fund: "The pandemic highlighted the need for all retailers to establish and nurture their e-commerce platforms. It also led to a greater appreciation for premium wine and spirits. Speakeasy Co. is helping nascent wine and spirit brands grow outside their home markets with superior e-Commerce tools and strategies. We are proud to back another growing company outside of the coastal tech hubs."