Uber buying booze delivery company Drizly for $1.1 billion
Uber on Tuesday announced an agreement to buy Drizly, a Boston-based alcohol delivery startup, for $1.1 billion in cash and stock.
Why it matters: This could represent a strategic departure for Uber, in that Drizly doesn't hire delivery drivers itself. Instead, it provides the backend infrastructure for local liquor stores to provide their own delivery services.
- Drizly co-founder and CEO Cory Rellas is expected to remain with Uber in an executive role.
- The company experienced significant growth in 2020 due to the pandemic.
ROI: Drizly has raised $85 million in venture capital since being founded in 2012. Investors include Polaris Partners, Tiger Global and Avenir Growth Capital.