Cocktail app Hooch secures US$1.5m fundingBy Nicola Carruthers
US cocktail and nightlife app Hooch has closed its latest financing round after securing US$1.5 million which will be used to fund the app’s expansion.
Hooch has announced the close of its Pre-Series A interim financing round led by Blue Scorpion Investments (BSI), a New York-based venture capital firm and its private investors.
The app’s current financing round was heavily oversubscribed due to high demand by investors, the closing of US$1.5 million will help to accelerate the expansion of the cocktail app.
To date, Hooch has raised over US$2.7 million total in two rounds, and recently acquired nightlife apps, Flux, Grotto and Tipsy.
The subscription-only mobile app helps members find the best bars with close to 400 venues in the US taking part. Members pay US$9.99 per month or US$99 per year to receive a round of cocktails at participating venues each day.
“We could not be more thrilled about the level of interests from such renowned investors and industry titans,” said Lin Dai, CEO of Hooch Inc.
“It’s a strong vote of confidence from the Angels and VC community validated by our strong growth trends not only in membership, but drink redemption activities in general as the Hooch app becomes the millennials’ nightlife app of choice.”
Jamison Ernest, general partner of BSI, said: “Hooch has a stellar team who are building exciting technologies and business models that represent the future of millennial lifestyle,”
“We are excited to put together such an illustrious panel of investors who not only contribute monetarily, but each bring a great deal of value and their own unique input in helping Hooch build a long lasting lifestyle brand.”
Hooch launched in New York in November 2015 and is available to download for free from the Apple Store and Google Play.