Reportedly, the UK’s whisky market is projected to generate $1.2 billion in revenue in 2024. While the interest and demand in whisky are growing at a rapid pace, the market is fragmented and disjointed, with an absence of easy-to-access tools and information. There is a considerable gap in the market for a value-add, information-led app that allows a bottle of whisky to be fully understood, in terms of taste, history, and pricing.
This is where Bevvy, a Scotland-headquartered whisky-discovery platform comes into the picture. In a recent development, the startup just snapped $1.5 million in seed investment. The funds came from Scottish angel investors, existing shareholders, and a US-based family office.
The Scottish startup intends to use the funds to consolidate its market share and grow its consumer audience into new territories. Recently, the company began to grow its presence in the US, and its database work to expand its catalogue of Bourbon bottles is well underway. Part of its investment from US investors was predicated on a commitment to be live and active in the US market by the middle of 2024.
Identity whisky bottle via mobile app
Founded in 2021 by leading whisky expert Laurie Black, mathematician Atanas Tonchev, and medtech entrepreneur Lucas Heron, Bevvy’s technology-led whisky discovery platform operates via consumer-facing Android and iOS mobile applications. Its proprietary image-capturing software allows any mobile camera to scan and identify any bottle of whisky.
Once scanned, the whisky is profiled with content populated by distillery and bottler overviews, dynamic price data, and expert tasting notes. Bevvy levels the playing field by making the whisky market accessible to all, delivering an unrivalled search and discovery tool.
Its software is supported by the world’s largest database of whiskies, numbering over 200,000 catalogued from the past 120 years of releases. The database includes 150,000 images and tracks retail and auction pricing whilst also monitoring market sentiment to arrive at a dynamic, live valuation which it shares with its 120,000, regular active users.
How does it help businesses?
Over the past 12 months, Bevvy has begun to integrate whisky bar and pub data, whereby bar operators can scan the bottles they have available and publish a live menu. Whisky auctioneers too are finding the platform to be a critical resource in dealing with providing prospective consignors indicative valuations for their whisky portfolio, should they choose to offer their bottles for sale at auction.
Co-founder & Head of Whisky Laurie Black commented, “Having already established the leading position in the digital whisky space; this new capital allows us to cement our market share and grow our consumer audience into new territories. We’re hugely excited to be heading Stateside in 2024!”
Finance Director Greg Gormley added, “In one of the most challenging fundraising environments I can recall; Bevvy’s successful raise underlines its dominant and growing position as a critical tool among whisky consumers and collectors. The interest and demand in whisky is growing at a pace not seen before. However, the market is fragmented and disjointed, with an absence of easy-to-access tools and information. There is a considerable hole in the market for a value-add, information-led app that allows a bottle of whisky to be fully understood, in terms of taste, history and pricing. Bevvy is addressing this need and is finding its audience is both engaged and growing at a phenomenal pace.”
