Bevvy, a UK-based mobile app that lets users discover and profile whisky, has raised US$1.5 million to strengthen its market share and grow in new regions.
The app – labelled the ‘ultimate digital whisky companion’ – gives users access to a catalogue of more than 200,000 whisky bottles released in the past 120 years, who can then scan labels to reveal tasting notes, distillery information and bottle valuations.
The Islay-based company was founded in 2021 by whisky expert Laurie Black, mathematician Atanas Tonchev and medtech entrepreneur Lucas Heron. It has roughly 120,000 active users.
Investments in this seed round have mainly come from Scotland-based angel investors, existing shareholders and a Denver-based family office.
Black commented: “Having already established the leading position in the digital whisky space; this new capital allows us to cement our market share and grow our consumer audience into new territories. We’re hugely excited to be heading Stateside in 2024.”
Consumers can also rate whiskies, which then lets the platform understand its users preferences and recommend suitable bottles. In addition, bar operators, distilleries, independent bottlers and whisky auctioneers are all said to utilise the platform.
Currently, Bevvy has 11 whisky ballots scheduled for this year.
A commitment to be active in the US market
Bevvy’s finance director Greg Gormley said: “In one of the most challenging fundraising environments I can recall; Bevvy’s successful raise underlines its dominant and growing position as a critical tool among whisky consumers and collectors.
“The interest and demand in whisky is growing at a pace not seen before. However, the market is fragmented and disjointed, with an absence of easy-to-access tools and information.
“There is a considerable hole in the market for a value-add, information-led app that allows a bottle of whisky to be fully understood, in terms of taste, history and pricing. Bevvy is addressing this need and is finding its audience is both engaged and growing at a phenomenal pace.”
The cash injection from US investors ties into Bevvy’s plans to grow in the US and expand its Bourbon catalogue. The company is expected to be active in the market by mid-2024.
Black added: “This is an extraordinarily exciting time for us, we see thousands of bottle scans each and every week, we are gaining a fascinating insight into user taste preferences, price trends and industry strengths and weaknesses.
“Bevvy finds itself at the heart of a major shift in how consumers and collectors engage with this multi-billion-dollar market. 2024 is going to be a year of spectacular development and innovation.”
Last year, it was reported that digital alcohol sales would reach US$40 billion by 2026, with whiskey the most popular option.
Read Full Story at source (may require registration)
Author: Rupert Hohwieler