Hooch, a company with a mobile app that allows users to get one free drink a day, announced Wednesday it has raised $5 million in seed funding.
The company had previously raised $2.75 million in two pre-seed rounds. Hooch founder and CEO Lin Tai told TechCrunch that this funding round was more to bring on strategic investors than it was to raise a large volume of capital.
Hooch’s latest round of funding was led by Revelis Capital Group and Blue Scorpion Investments, with participation from Access Industries Holdings, Warner Music Group, FJ Labs, Diesel CEO Stefano Rosso, former Comcast CTO Sree Kotay.
Hooch will be working with Warner on upcoming content, events and promotions, TechCrunch reports.
The company’s current subscription model allows Hooch users to get one free drink a day from participating bars and restaurants for a $9.99 monthly fee. An additional service, Hooch Black, adds hotels deals and concierge services for a flat rate of $295 per year.
Hooch expects to raise a Series A in 12 to 18 months but expects to reach profitability prior to that date.
