Hooch, a subscription-based all-you-can-eat bar and restaurant startup, has announced it has raised a $5 million seed round co-led by Revelis Capital Group and Blue Scorpion Investments, with participation from Access Industries Holdings , Warner Music Group, FJ Labs, Diesel CEO Stefano Rosso, and former Comcast (Comcast) CTO Sree Kotay, among others.
The companys business model is very interesting, as long as you pay $9.99 for subscription, you can get a free drink from Hoochs cooperative bars and restaurants every day; if you pay $295 to apply for an upgrade to a black card user, you can also enjoy hotel benefits and concierge, etc. other service.
Prior to this round of financing, the company also received two rounds of pre-seed financing totaling $2.75 million. According to Lin Dai, co-founder and CEO of the company, the purpose of their financing is more to bring in strategic investors, rather than focusing on obtaining large amounts of funds. As a result, Hooch is expanding its advisory board to include former Goldman Sachs vice chairman Bob Hurst and Teymour Farman-Farmaian, managing director of bitcoin wallet company Xapo.
Hooch is expected to launch a blockchain initiative this summer. At first glance, blockchain might seem to have little to do with free drinks. However, according to Lin Dai, they may issue their own encrypted tokens and work with partners to create a decentralized model for incentivizing consumers.
In addition, the company also revealed that it will achieve profitability in the next 12-18 months and start a round of financing.
