The Scottish Islay-based whisky discovery platform, Bevvy, has closed a $1.5-million seed funding round, allowing the company to expand its operations into America and increase its current market share. Founded in 2021 by leading whisky expert Laurie Black, mathematician Atanas Tonchev, and medtech entrepreneur Lucas Heron, the technology-led platform gives users the ability to access a database of whiskies, primarily using scanning technology. By downloading the Bevvy app and using the camera on their mobile phone, a person can scan the label of any whisky bottle and uncover tasting notes alongside indicative valuations for their collection.
Finance Director Greg Gormley added, “In one of the most challenging fundraising environments I can recall, Bevvy’s successful raise underlines its dominant and growing position as a critical tool among whisky consumers and collectors. The interest and demand in whisky are growing at a pace not seen before. However, the market is fragmented and disjointed, with an absence of easy-to-access tools and information. There is a considerable hole in the market for a value-add, information-led app that allows a bottle of whisky to be fully understood, in terms of taste, history, and pricing. Bevvy is addressing this need and is finding its audience is both engaged and growing at a phenomenal pace.”
Since its launch in 2021, the company has built 120,000 regular active users and a database of whiskies that includes 150,000 images, the retail and auction pricing of those whiskies, and the software furthermore monitors market sentiment to arrive at a dynamic, live valuation. Recently, the company has begun to grow its presence in the US, and its database work to expand its catalogue of Bourbon bottles is well underway. The new investment comes principally from Scotland-based angel investors and existing shareholders. However, part of its investment came from a Denver (US) based family office, and it was predicated that the software would be live and active in the US market by the middle of 2024. Laurie Black added, “This is an extraordinarily exciting time for us; we see thousands of bottle scans each and every week. We are gaining a fascinating insight into user taste preferences, price trends, and industry strengths and weaknesses. Bevvy finds itself at the heart of a major shift in how consumers and collectors engage with this multi-billion-dollar market. 2024 is going to be a year of spectacular development and innovation.”
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Source: https://www.prnewswire.com/news-releases/whisky-app-bevvy-closes-1-5-million-seed-round-302031551.html
