This month, #Uber Acquired nine-year-old alcohol delivery platform start-up, #Drizly.com, for $1B in a cash/stock deal. The deal reinforces key narratives for investors in the #wineandspirits industry: the alcohol industry is finally catching up to the digital age; new brands are increasingly likely to be discovered and built online; and extraordinary financial upside from investing in private, early-stage innovation companies like Drizly continues to be a privilege enjoyed by small groups of wealthy institutional investors.
According to Forbes, ” Drizly shareholders — which include Tiger Global Management, Polaris Partners, Avenir Growth Capital, and First Beverage Group, among others — are expected to receive about 90% of the payment in Uber stock. The remaining 10% will be paid in cash.
Uber’s stock price rose more than 9% following the announcement.
Founded in 2012 by Cory Rellas, Justin Robinson, Nicholas Rellas, and Spencer Frazier, Drizly has pulled in roughly $120 million in investment across multiple fundraising rounds, according to Crunchbase.”