As the alcohol ecommerce and digital delivery industry continues to grow and evolve, ReserveBar has announced the closing of its Series B financing.
Founded in 2013, ReserveBar positions itself within the ecommerce space of premium and luxury spirits and wine.
Anchoring this investment round was Silver Lake — which specializes in technology investing — plus a group of ecommerce and tech investors led by Doug Dillard, Jr., managing partner of Slewgrass Capital and a Silver Lake advisor, who will join ReserveBar’s board of directors.
“We are pleased to partner with Lindsay and his team at ReserveBar in supporting the company along its accelerating growth path,” says Dillard. “The strength of the relationships they have developed, together with their visionary use of technology, are reflected in the company’s remarkable business performance as well its compelling long-term platform opportunity.”
The raise will continue to establish ReserveBar as an online premium and luxury spirits destination, the company says, while enhancing inventory optimization, marketing efficiency and user experience.
“We couldn’t be more excited to have Silver Lake and the extremely talented investor group led by Doug as our partners,” says ReserveBar Co-founder and CEO, Lindsay Held. “The Series B funding will accelerate the unprecedented growth we’ve experienced and will greatly expand opportunities for ReserveBar’s spirits brand partners in the realm of content-to-commerce, cutting edge digital marketing and media tactics, data and analytics, efficient execution of new limited edition products and technology enablement for our supplier partners. This is a win not only for ReserveBar but also our spirits supplier partners and growing retailer network.”
Adds Derek Correia, president of ReserveBar, “This investment will enable the continued evolution of ReserveBar’s industry-leading technology, expansion of our API and ecommerce solutions powering compliant beverage alcohol sales on partner sites, enhancements to our data and business intelligence offerings and continued improvements to our technology integrations with our retail network partners.”
“Importantly, it will also enable us to continue to grow our amazing team with more of the best talent in the business, and fuel expansion of our marketing service offerings to our brand partners, enabling them to continuously improve the efficacy and efficiency of their digital marketing spend to optimize depletions,” he continues.
ReserveBar has also named Jim Clerkin as chairman of ReserveBar’s Board of Directors. Clerkin most recently served as president of Moët Hennessy Strategic Development, after 13 years as president and CEO of Moet Hennessy Americas.
In announcing Clerkin’s appointment, ReserveBar Co-founder Jeff Carton says, “Jim has been a friend and supporter of ReserveBar since its launch, and it’s an honor to have such a respected veteran leader in the spirits industry join our team. Together with Silver Lake’s investment, I can’t think of stronger validation of the enthusiasm and excitement we’ve harnessed for our multifaceted business offerings, ranging from personalized gifting of luxury spirits, consumer discovery of new and limited editions, technology and data, performance marketing and connecting consumers with their favorite suppliers via our content-rich ecommerce platform combining brand education, immersion and access to convenient online purchasing.”
Demeter Group served as ReserveBar’s financial advisor on its Series B financing, and will continue to provide strategic and financial advisory services, post-closing.