Bartesian, a creator of an intelligent cocktail maker, announced a $20 million Series A round led by Cleveland Avenue, with participation from Stanley Ventures as well as existing, early investors.
What Happened: Bartesian provides impactful experiences around at-home cocktails. As part of a vision to accelerate domestic and international growth, the company added Stanley Ventures and Cleveland Avenue to its list of existing investors.
Additionally, actress Mila Kunis joined the company’s board of advisors to provide guidance on brand strategy and growth.
“We set out to bring the luxury cocktail lounge experience inside the home. Offering high-quality, customized cocktails with convenience and style - and now it is time to scale up to meet the growing demand and enter new markets,” said Ryan Close, CEO, and Founder of Bartesian.
“This capital infusion will fuel our momentum with the production and innovation capabilities to reach more people around the world with new cocktails and offerings.”
Why It Matters: Given the pandemic and stay-at-home entertainment trends, Bartesian saw 975% growth in year-over-year revenue in 2020.
In light of its growth, Bartesian is committed to innovation and an expansion of commercial partnerships.
“The global market size for ready-to-drink cocktails is valued at over $1.6 billion,” said Keith Kravcik, Chief Financial and Chief Investment Officer of Cleveland Avenue. “Bartesian’s innovative approach to high-quality cocktails is clearly resonating with consumers, tapping into the growing interest in premium beverages, and we believe the company is poised to continue its market-leading position for years to come.”
Photo by Burst from Pexels.
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