Speakeasy Co., San Diego, an eCommerce platform for alcohol brands, has received funding for its third seed round, with $6.8 million raised. The funding was led by InvestBev, an investment firm in the industry, with a portfolio including Siempre Tequila and Fyllo.
Following two successful funding rounds in 2020 and 2021, Speakeasy has raised a total of $9.8 million to date. Since the most recent investment, Speakeasy has grown to nearly 300 partners on the platform, including brands such as WhistlePig, Tesla Tequila, Stoli Group and Jägermeister.
“We are excited to partner with Speakeasy on their next stage of explosive growth,” said Brian Rosen, General Partner at InvestBev Group, in a statement. “We are bullish on the long-term growth potential of alcohol eCommerce. Across all industries, companies highly value owning the direct consumer relationship, and Speakeasy allows alcohol brands to do just that, while layering on efficient fulfillment. Josh Jacobs and the Speakeasy team have proven to be nimble leaders in this expanding category. Speakeasy will fit well with our InvestBev Fund III portfolio.”
With this new capital, Speakeasy will expand its team to support continued growth and invest further in its fulfillment model. The platform is purpose built for premium, hard to find, and craft products, as well as going beyond the bottle with their ability to fulfill merchandise, custom packaging, personalized labels, cocktail kits, and more, the company says.
“We’ve been on a mission to revolutionize the industry with a first-of-its-kind centralized fulfillment model, and this investment is a testament to what we have accomplished,” said Josh Jacobs, co-founder and CEO of Speakeasy, in a statement.
Michael Bowen, co-founder and chief operating officer of Speakeasy, added, “Our capital partners wholeheartedly believe in the vision and will be instrumental in the next chapter as we continue driving the industry forwards.”
In addition to InvestBev, several firms that have invested in Speakeasy include: Goat Rodeo Capital, Revolution’s Rise of the Rest Seed Fund, Trog Hawley Capital and Springdale Ventures. Industry veterans and investors also include Paul Hletko, founder of FEW Spirits; Wilco Faessen, co-founder and chairman of Whistlepig; Guillaume Cuvelier, founder of SVEDKA Vodka, co-founder of Davos Brands (Aviation Gin, Sombra Mezcal, TYKU Sake); and Marc Bushala, CEO of Spirits Investment Partners, creators of Heaven's Door, Stolen Spirits and Playboy Spirits.
“We are thrilled to participate in Speakeasy Co.’s seed round,” said Carlton Fowler, Speakeasy board member and managing partner of Goat Rodeo Capital. “It has been impressive to watch the Speakeasy team grow. eCommerce may be an inevitability in Bev Alc, but the strategy and tactics to unlock this massive market takes a nuanced understanding of the customer and consumer needs, which is exactly what Speakeasy has displayed.”
Genevieve Gilbreath, co-founder and general partner of Springdale Ventures, added, “We are excited for Speakeasy to use this capital to scale a much needed solution for spirits brands looking to develop direct sales and personalized engagement with customers.”
Speakeasy’s growth thus far is reflected in multiple areas, including notable brand partners joining the platform, the expansion of their differentiated centralized fulfillment model, and significant revenue increase year over year, the company says. As the industry continues to evolve, this investment will enable Speakeasy to remain at the forefront driving the digital transformation.