ReserveBar Closes Series B Financing With Investor Group Anchored By Silver Lake
NEW YORK, July 13, 2021 /PRNewswire/ -- ReserveBar, the established leader in premium spirits ecommerce, has announced the closing of its Series B financing. The investment round was anchored by Silver Lake, the global leader in technology investing, and a group of leading ecommerce and technology investors led by Doug Dillard, Jr., Managing Partner of Slewgrass Capital and a Silver Lake advisor, who will join ReserveBar's Board of Directors. The raise will continue to establish ReserveBar as the premier online premium and luxury spirits destination, while enhancing inventory optimization, marketing efficiency, and a one-of-a-kind user experience.
"We couldn't be more excited to have Silver Lake and the extremely talented investor group led by Doug as our partners," stated ReserveBar's co-founder and CEO, Lindsay Held. "The Series B funding will accelerate the unprecedented growth we've experienced and will greatly expand opportunities for ReserveBar's spirits brand partners in the realm of content-to-commerce, cutting edge digital marketing and media tactics, data and analytics, efficient execution of new limited edition products, and technology enablement for our supplier partners. This is a win not only for ReserveBar but also our spirits supplier partners and growing retailer network."
"We are pleased to partner with Lindsay and his team at ReserveBar in supporting the company along its accelerating growth path," said Doug Dillard. "The strength of the relationships they have developed, together with their visionary use of technology, are reflected in the company's remarkable business performance as well its compelling long-term platform opportunity."
"This investment will enable the continued evolution of ReserveBar's industry-leading technology, expansion of our API and ecommerce solutions powering compliant beverage alcohol sales on partner sites, enhancements to our data and business intelligence offerings, and continued improvements to our technology integrations with our retail network partners," said Derek Correia, President of ReserveBar. "Importantly, it will also enable us to continue to grow our amazing team with more of the best talent in the business, and fuel expansion of our marketing service offerings to our brand partners, enabling them to continuously improve the efficacy and efficiency of their digital marketing spend to optimize depletions."
ReserveBar has also named Jim Clerkin as Chairman of ReserveBar's Board of Directors. Mr. Clerkin was most recently President of Moët Hennessy Strategic Development after 13 years as President and CEO of Moet Hennessy Americas.
In announcing Mr. Clerkin's appointment, ReserveBar co-founder, Jeff Carton, said, "Jim has been a friend and supporter of ReserveBar since its launch, and it's an honor to have such a respected veteran leader in the spirits industry join our team. Together with Silver Lake's investment, I can't think of stronger validation of the enthusiasm and excitement we've harnessed for our multifaceted business offerings, ranging from personalized gifting of luxury spirits, consumer discovery of new and limited editions, technology and data, performance marketing, and connecting consumers with their favorite suppliers via our content-rich ecommerce platform combining brand education, immersion and access to convenient online purchasing."
Silver Lake is making the investment in connection with its Long Term Capital strategy, which was established in 2020.
Demeter Group served as ReserveBar's financial advisor on its Series B financing and will continue to provide strategic and financial advisory services post-closing.
For more information on ReserveBar, please visit https://www.reservebar.com.
About ReserveBar
Founded in 2013, ReserveBar was born out of the passion of its founders with a commitment to celebrating and sharing good times by providing the best premium, reserve spirits, luxury champagne and fine wine. With expertise in customization, personalization and innovative spirits gifting, as well as exclusive offerings and limited-edition collaborations, ReserveBar has become the preeminent online destination for premium and luxury spirits. A one-stop-shop for the best in spirits, wine, and champagne, ReserveBar delivers the most curated offerings and white glove service to homes across the United States. For more information, please visit www.reservebar.com.
About Silver Lake
Silver Lake is a leading global technology investment firm, with more than $83 billion in combined assets under management and committed capital and a team of professionals based in North America, Europe, and Asia. Silver Lake's portfolio companies collectively generate more than $196 billion of revenue annually and employ more than 448,000 people globally. For more information about Silver Lake and its portfolio, please visit Silver Lake's website at silverlake.com.
Media Contacts
ReserveBar
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Silver Lake
Matthew Benson
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SOURCE ReserveBar
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