USA – Overproof, an AI-driven business intelligence and strategic planning platform for the beverage alcohol industry has raised an additional US$1.25 million in its fourth funding round.
The investment brings the total capital raised by the Miami-based start-up to more than US$4 million since it was established barely two years ago.
Overproof, a Software as a Service (SaaS) company, was founded in 2018 by De Kuyper, former CEO of Royal Dutch Distillers and a member of the 11th generation of family-owned De Kuyper Royal Distillers.
Since then, the company has grown to 27 employees with offices in Miami, Denver, and Santa Fe, Argentina supported by private capital from multiple investors through four seed funding rounds.
“Having the continued support of our investors, even amid the current global pandemic, is a testament to their enthusiasm and ongoing commitment to the Overproof mission,” said Marc De Kuyper, founder and CEO of Overproof.
“We are proud to have curated a sophisticated investor group that brings three critical areas of expertise to our company; beverage alcohol, finance and technology; and who understand the value proposition of our products and solutions
“Although this is a time of much economic uncertainty, once the situation passes, we know that thanks to their support, beverage alcohol brands armed with Overproof’s proprietary and prescriptive insights will have the data they need to succeed in an increasingly competitive world.”
Overproof brings together the power of big data with its proprietary market insights and customer’s business data to help fuel business growth by offering automated business intelligence and empowered decision-making in real time.
The company’s products include Overproof CPF (Commercial Planning Framework) and the Overproof mobile app that empowers field teams with goal-tracking capabilities, menu and bar analytics.
The startup has a database which includes more than 1.5 million on- and off-premise venues, with over 30 key proprietary datapoints on each, such as menu insights, tasting conversion insights, and competitor supplier and distributor presence.
Using prescriptive analytics that focus on patterns in historical data and use various statistical models to predict future behaviors, the Overproof Score gives customers a real-time success probability for any brand and venue combination.
With the newly secured funding, Overproof said that it will continue the roll-out of these products, both currently in alpha testing, and additional tools.
The startup is planning to introduce Tastings – powered by Overproof, a product that will enable brand managers to plan, schedule, execute and analyze on- and off-premise tasting programs.
As a company that combines business and social goals and actively gives back to the communities it serves, Overproof recently launched a nonprofit bartender re-employment initiative, CompanyToast.com.
According to the company, CompanyToast brings various groups together including employees, cocktail suppliers and bartenders in a mutually-beneficial way that allows companies to treat their teams to a virtual happy hour.
“We’re proud to debut this initiative which will serve to benefit companies, retailers, wholesalers, suppliers and consumers while providing much-needed opportunities to the bartender community,” said Nick Nistico, award-winning Florida-based bartender brought on by Overproof to lead CompanyToast.com.
“Beyond the opportunity to earn income through CompanyToast.com, we pledge to invest all profit generated into additional re-employment opportunities for bartenders.”
Overproof says that its core platform is ideally suited to help beverage alcohol businesses retool and restart after the Covid-19 restrictions.