NEW YORK, Oct. 10, 2016 /PRNewswire/ -- HOOCH App, the first ever members only cocktail and nightlife technology app, today announces the close of its Pre-Series A interim financing round led by Blue Scorpion Investments, L.P. ("BSI"), a New York City based venture capital firm whose Advisors and Venture Partners range from economist Nouriel Roubini, entrepreneur Russell Simmons, vice chair of WeWork Michael Gross, celebrity chef & healthy lifestyle crusader Rocco Dispirito, and Academy nominated film producer Lawrence Bender amongst others.
Rapidly growing since its debut in November 2015, the HOOCH App echoes the Prohibition Era speakeasies by creating a virtual cocktail society that helps members find the best bars to enjoy their favorite drinks, with close to 400 venues in nine markets in the US and internationally, at world renowned locations including the Dream Hotels, Eataly, No.8, Laduree and more. Its premium membership base has grown over 1900% since January, while daily user engagement and drink redemption is more than twenty times higher than that of early 2016. As part of the brand's expansion strategy, the HOOCH App has recently acquired prominent New York nightlife apps, FLUX and GROTTO, and Phoenix nightlife app Tipsy and is poised to continue to disrupt the hospitality and nightlife marketplace.
"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."
The app's current financing round, led by BSI, was heavily oversubscribed due to high demand by investors. The closing of $1.5 million from both BSI and their private added value network of high profile investors accelerates the expansion of the transformative member's only cocktail app. The HOOCH App recently announced its third app acquisition and ninth market expansion, including the first international city of Hong Kong. To date, HOOCH, Inc. has raised over $2.7 million total in two rounds. Notable investors from BSI's private added value network includes Access Industries mogul Len Blavatnik; entrepreneur and philanthropist Russell Simmons; fashion magnate Chris Burch; Happy Capital co-founded by renowned hedge fund manager Peter Hochfelder; famed designers Dean and Dan Catan of DSQUARED2; celebrity designer Neil Barrett; Academy Award nominated producer and longtime Tarantino collaborator Lawrence Bender; two time Grammy award winning artist Maxwell; two time Olympic gold medalist Shaun White; lead singer of all American Rejects Tyson Ritter who sold 10 million records; Grammy Award winning songwriters and producers Stargate, who co-wrote multiple hits for Katy Perry, Rihanna and Beyonce; Grammy award winner, founding member and keyboardist of Bon Jovi and Three time Tony award winner David Bryan; actor Danny A. Abeckaser; famed global economist Nouriel Roubini; NBA All-Star Baron Davis and Emeka Okafor; and super models Ana Beatriz Barros, Linda Vojtova, and Bridget Hall.
"The HOOCH App has a stellar team who is building exciting technologies and business models that represent the future of millennial lifestyle," said Jamison Ernest, General Partner of BSI. "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 the HOOCH App build a long lasting lifestyle brand."
How it works: Members pay $9.99/month (less than the price of one cocktail) or $99/per year and receive one round of cocktails on the HOOCH App at participating venues each day. Each venue offers HOOCH members a specially curated drinks menu where they can select one complimentary cocktail to enjoy.
The brainchild of nightlife veteran Aleksey Kernes (Hotel Chantelle), tech industry expert Lin Dai (Keek, Emmis NY and Alloy Media + Marketing), and digital marketing entrepreneur Jared Christopherson (Yellow Hammer Ad Agency), HOOCH is the first "Private Cocktail Society" subscription app that buys members a drink a day - every day - at some of the top cocktail bars, elite lounges and premiere restaurants in New York City, Los Angeles, Miami, Dallas, Austin, San Diego, Phoenix and Hong Kong with plans to expand to additional cities such as San Francisco and Las Vegas.
About Blue Scorpion Investments
BSI invests primarily in consumer-facing businesses, specifically consumer electronics; disruptive technologies; shared economy; single and multi-platform applications; beauty, cosmetics and accessories; retail, fashion/lifestyle brands; and beverages and packaged foods. The firm's primary objective is to create significant shareholder value by bringing a combination of creative, marketing and financial resources into active partnerships with owners and management teams of early stage high-growth companies.
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SOURCE Blue Scorpion Investments