Uber says it is buying alcohol delivery startup Drizly for $1.1B in cash and stock; Drizly co-founder and CEO Cory Rellas is expected to remain with Uber (Dan Primack/Axios)

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Photo: Smith Collection/Gado/Getty Images

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.

This content was originally published HERE

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