Hong Kong-based startup BottlesXO has raised a US$3.4 million Pre-Series A round from an undisclosed private equity firm in Singapore, bring its total funding to date to US$6.4 million.
It will use the newly-raised financing to upgrade its technology, expand its presence to new markets in Asia, develop new product lines and strengthen its customer outreach strategies.
The startup, founded in 2015 by Co-founders Thilo Fuchs, Mischa Schulze and Zou Zhengfang, provides on-demand alcoholic beverage delivery services. These beverages include wine, beer and spirits. BottlesXO does not impose any delivery charges or minimum order.
According to its official press release, BottlesXO selects and curates its bottles from “trusted producers, artisan & never mass produced and are carefully curated from independent vineyards and breweries.”
Its delivery app allows customers to track their delivery via GPS. It also features a community loyalty program, flash sales and promotions, as well as food-pairing suggestions.
Besides providing delivery services, BottlesXO also holds community tasting events, DJ nights and corporate events at its brick-and-mortar bar XO bars, BXO/XO Block Party Series and pop-up events.
Currently, BottlesXO operates in Shanghai, Suzhou, Hong Kong and Singapore. All its beverages are chilled within an hour. It claims its in-house operations team can deliver the beverages to the customer’s doorstep within 30 minutes.
“With a huge market demand for consumption of alcohol and beverages in Asia’s high density areas and cities, BottlesXO is seizing the opportunity to offer great and fair value to our customers, disrupting the value chain of the traditional wine, beer and spirits industry by offering an on-demand, ready-to-drink and mobile first solution and by connecting consumers with quality producers,” said Co-founder Mischa Schulze, in an official press statement.
Going forward, BottlesXO aims to close a Series A in 2018. When it does, BottlesXO will have greater leverage over its regional rivals, such as NOX Express, WisePass, Alcohol Delivery Singapore, Drink2Connect, and more.
Image Credit: BottlesXo