The funding will be mainly utilised for team building, business expansion, marketing and branding, and growth.
Bengaluru-based beverage start-up Swizzle has announced raising an undisclosed amount in seed funding from multiple angel investors. The recently concluded equity-based seed investment round was led by Swizzle’s existing investor, Monika Rao, and witnessed participation from another prior investor, Dr. Akshay Singhal, founder and CEO of Log9 Materials.
Swizzle had, back in 2022, raised its first funding round, the proceeds from which have been spent by the start-up towards product development and obtaining product-market fit. Till date, the startup has raised cumulative funding of over Rs 1 crore.
The newly acquired seed capital shall enable Swizzle to promote its exciting new range of premium canned mocktails on a grand scale, as per a company statement. Moreover, the start-up plans to use the funds towards team building, inventory enhancement, quality control, and the expansion of its distribution network.
Additionally, a significant portion of these funds shall also be allocated towards marketing and brand-building initiatives such as online and offline campaigns, pop-ups and events, branded packaging, and collateral creation.
Speaking about the fundraise, Vrinda Singhal and Deepender Singh, co-founders of Swizzle, said, “By August 2024, we aim to be accessible in more than 1000 locations and plan to extend our reach to several new cities across the nation, thus bolstering our distribution network. And the latest funds raised shall play an instrumental role in achieving this goal through implementing effective marketing and go-to-market strategies.”
Swizzle offers ready-to-drink (RTD) mocktails available in different flavors that are 100 per cent vegan and artificial ingredient-free, as per a company statement.