Northern Beaches Cocktail Startup Lands Seed Funding / Sophisticated Cocktail Co bags successful seed funding round
Northern Beaches-based ready-to-drink cocktail startup, Sophisticated Cocktail Co., today announced the closing of a successful seed funding round.
Launching late last year with a range of premium Margaritas, Cosmopolitans, Pina Coladas and Espresso Martinis, Founder and CEO Vicki Lyon set out to recreate her favorite cocktails and share them with anyone who didn’t have the tools or skills to make their own cocktails at home. Packaging their products in 1.5L and 750ml sustainable stand-up pouches, the local brand has set out to change the perception that bagged alcohol is reserved for cheap and cheerful occasions, but rather for convenience and the ability to entertain on the go.
Backed by two investors: a venture capitalist from Los Angeles, and a high net worth individual from Sydney, the startup is now equipped to execute on plans to have their top shelf line of cocktails stocked in retail stores nationwide. In their six months of trading, Sophisticated Cocktail Co. has already recorded rapid growth through its online eCommerce site, as well as through a number of independent liquor stores across NSW.
Founder and CEO Vicki Lyon states: ‘We are thrilled to have the backing we need to take Sophisticated Cocktail Co. to the next level. The funds will be used to drive a greater retail presence, and we hope to see the bags stocked nationwide and in three international markets by the end of 2021.’
Online alcohol sales spiked last year, and with a huge increase in people entertaining and experimenting with cocktails at home, Lyon identified a gap in the market for large-scale premium batched cocktails that could be served anywhere, anytime, and without the need for specialist skills or equipment. The range also offers an affordable alternative to traditional cocktail mixing, eliminating the need to spend more than $100 on a list of ingredients.
Lyon states, ‘Everyone loves a cocktail, but not everyone has the know-how or means to make one. We have noticed that our customers tend to serve our cocktails at events such as dinner parties, picnics, boats, camping, or on weekend trips away. At $7.50 per serve, you no longer have to go to the bar to take advantage of happy hour.’