CHICAGO--(BUSINESS WIRE)--Bartesian, creators of the original premium cocktail maker, today announced a $20M Series A round of funding led by Cleveland Avenue, LLC, a privately-held venture capital firm that accelerates and strategically invests in innovative concepts and emerging brands, with participation from Stanley Ventures and existing, early investors. The investment will enable Bartesian to accelerate its growth both domestically and internationally, scale production and expand its team. In addition to triple-digit growth, the company also announced actress Mila Kunis has joined the company’s board of advisors to provide guidance on brand strategy and growth.
Bartesian is at the forefront of changing consumer behavior across the spirits industry as its unique platform addresses two of the industry’s biggest trends: convenience and consumers’ desire for an authentic, cocktail experience in the comfort of their own home. These shifts have positioned Bartesian as a mainstay for at-home cocktails.
“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 & 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.”
Bartesian Highlights At-a-Glance Include:
- 5+ million cocktails served
- 975% YoY revenue growth in 2020
- Subscribers grew by more than 30 times compared to March 2020
- Strong customer feedback with more than 2,700 five-star reviews on Amazon
The Bartesian cocktail maker is a sleek and intelligent machine designed to blend seamlessly into the modern home, making more than 40 different cocktails in a few simple steps. With an ever-expanding library of cocktails, Bartesian uses recyclable, flavor capsules containing real juices, natural extracts, bitters with no artificial colors or flavors, taking the guesswork out of measuring ingredients and removing the need to keep complex ingredients on-hand. Consumers use their own spirits and can customize the strength of their cocktails.
Close, a former bartender, partnered with engineers after a successful Kickstarter campaign to develop Bartesian in 2014 with a $250,000 investment. A few years later, Bartesian became readily available across most major retailers achieving millions in monthly revenue. The company has garnered numerous industry awards and consumer accolades and was completely sold out for much of 2020.
“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.”
In addition to expanding the production of its premium cocktail maker, the company plans to foster innovation while growing its library of cocktails, expanding commercial partnerships with stadiums and arenas in advance of reopenings and exploring unique collaborations that further enhance the luxury cocktail experience.
Bartesian is the creator of the first-ever intelligent cocktail maker using capsules that contain the real, premium ingredients for on-demand, perfectly crafted cocktails. The Bartesian cocktail maker creates Premium Cocktails on Demand™ with the customer’s choice of spirits at customizable strengths. Behind the company is a group of innovative designers, engineers and mixology enthusiasts working together to elevate the cocktail experience. It is a winner of various awards including the 2020 CES Innovation Award, The Knot Registry Award, Good Housekeeping Best Innovation of 2020 Award, and selected as one of Oprah’s Favorite Things of 2019. Founded in 2014, Bartesian is headquartered in Chicago.
About Cleveland Avenue, LLC.
Founded by Don and Liz Thompson, Cleveland Avenue is a privately-held venture capital firm that accelerates and strategically invests in innovative food, beverage, and restaurant concepts and emerging brands. Learn more at clevelandavenue.com and follow us on Twitter, LinkedIn, and Instagram.