Overproof, an AI-driven business intelligence and strategic planning platform for the beverage alcohol industry, this week announced the initial closing of an additional $1.25 million from existing investors in its fourth round of seed funding. The funding will enable the company to roll out its products, which are reportedly still in testing phase.
The Miami, Forida-based 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, Overproof has raised more than $4 million in private capital from multiple investors through four seed funding rounds. The startup company has grown to 27 employees with offices in Miami, Denver, and Santa Fe, Argentina.
Overproof seeks to bring together the power of big data with its proprietary market insights and customer’s business data to help fuel business growth. Through products including Overproof CPF (Commercial Planning Framework) and the Overproof mobile app that empowers field teams with goal-tracking capabilities, menu and bar analytics, Overproof offers automated business intelligence and empowered decision-making in real time.
The Overproof database reportedly includes more than 1.5 million on- and off-premise venues, with 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 will continue the roll-out of these products, both currently in alpha testing, and additional tools including Tastings, a product that is designed to enable brand managers to plan, schedule, execute and analyze on- and off-premise tasting programs.
“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 Bartender Re-Employment Initiatives
Overproof has expanded its focus to provide resources to businesses and individuals in the hospitality and beverage alcohol industries, which are severely impacted by the global COVID-19 pandemic. These efforts include free webinars with advice from legal and economic experts, and online resources. This week, the company launched a nonprofit bartender re-employment initiative, CompanyToast.com.
“The impact of COVID-19 is being felt in various parts of society,” the company noted in a press statement. “Companies are struggling to find creative ways to keep employees engaged in a new world of remote work, employees are missing out on the camaraderie of an office environment and work-related social activities, liquor suppliers are struggling to cope with the shift in demand for their products from on-premise to online sales and bartenders are seeking creative ways to make ends meet, while they wait for bars and restaurants to reopen. CompanyToast brings these four groups together in a mutually-beneficial way that allows companies to treat their teams to a virtual happy hour (cocktail supplies included), employees to enjoy a break with their colleagues and learn how to make a new cocktail, suppliers to reach and educate consumers on their brands through highly experiential activations, and bartenders to earn money.”
“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.”