Saucey, an alcohol delivery logistics company, said it raised $5.4 million in a Series A financing round. Bullpen Capital led the investment round with participation from existing and new investors including Blumberg Capital, Structure Capital and HashtagOne. The investment brings Saucey’s total funding to $10.2 million.
The increase in capital comes on the heels of Saucey driving positive Unit Economics in all their markets, with a customer purchase frequency that outperforms the top traditional brick-and-mortar retailers.
“Saucey is the first logistics company we’ve encountered that’s successfully unlocked profitable markets as a Seed stage delivery company,” said James Conlon, Partner at Bullpen Capital. “We’ve seen a lot of different food and beverage delivery services, where most even at scale fail to achieve a sustainable business model. The Saucey team has not only proven to be the most efficient delivery model we’ve seen, but is capturing purchase frequency that far outpaces the biggest retailers in off-premise alcohol, a $113B/year industry where the largest player owns less than 10% of the market.”
“We’ve maintained a clear and focused vision from the beginning – to transform one of the oldest, largest, and most archaic industries in the world by building a superior logistics platform which minimizes costs for retailers and offers a better shopping experience for customers,” said Chris Vaughn, CEO and Co-founder of Saucey. “With more than half the alcohol consumption in the U.S. taking place in 10 markets, the win is in consolidating buying power through market penetration of key territories, starting with the biggest market, California.”