London drinks startup in the mix for new funding with surge in “premium” cocktails
A London based pre-mixed drinks startup is raising new funding as demand surges for ready-made, premium cocktails.
Soho Street Cocktails sells pre-mixed, cocktail pouches, which allow bars and restaurants to improve serve consistency, reduce service time and make industry leading margins.
The funds raised through Growthdeck will fund Soho Street Cocktails’ core strategy of growing sales through retailers and in bars and restaurants, as well as continuing to increase its production.
Founded by CEO Paul Scarett, the company has sold its products to restaurants, pub and bar groups and independent retailers. By 2024 Soho Street Cocktails expects its pouches to be available in more than 500 retail outlets and over 1,100 licensed premises.
The global ready-to-drink cocktail market is a rapidly growing market and is forecast to grow 12.1% a year.
The sector was valued at $715m in 2020 and is set to be worth $1.6b by 2027. The major factor driving the growth of the market is the premiumisation of cocktails, with customers demanding high quality from ready-to-drink versions.
Steve Talbot, investment director at Growthdeck, said: “This is an excellent opportunity to back a premium product that can make a genuine impact on margins for bars and restaurants as the industry bounces back.
“Soho Street’s cocktails are as good as fresh and help to cut serve time significantly. There should be plenty of demand for its product as Covid restrictions continue to ease.”
Growthdeck’s equity investment in Soho Street Cocktails qualifies for tax reliefs under the Enterprise Investment Scheme (EIS).
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