New York Cocktail A Day Startup Wins at SXSW
Is South By Southwest 2016 a fading memory for you? Well news is still circulating from this years Interactive festivities. Last yer we saw the golden arches make a major splash at the annual pilgrimage of everything hipster and startup. This year, America’s’ biggest beer company, Anheuser-Busch InBev was present with their own major pitch competition.
Partnered with ZX Ventures, the incubator and venture capital team with ABInbev backing, eight startups took a pitch stage on Monday March 14th, Tech Cocktail reports. A good variety of technology and app based companies that serve the food and beverage industry fiercely competed for seed funding or a chance for a pilot partnership with the beer giant.
Hooch is a subscription based cocktail app. For one low price of just $9.99 per month, users can get a cocktail a day at some of the swankiest bars and restaurants in New York, Los Angeles and now Austin. They started out in their home state of New York in 2015, adding LA and Austin at SXSW.
“We are very excited to bring the HOOCH App and experience to Austin during SXSW,” said HOOCH CEO Lin Dai in a statement. “The festival is the nexus of digital innovation and what’s next in music and film, which makes it the ideal time to bring HOOCH to Texas. We look forward to buying everyone a round of drinks on us.”
The app serves as a promotional tool for bars, and if a user were to get their one free cocktail every night they would pay $.27 per drink. The company also has an annual subscription available for just $99 per year.
Does it work?
Hooch CEO Lin Dai told Techcrunch earlier this month that members have been spending an average of $30-$40 additional dollars per visit to participating bars. That number swells to $140 per check at participating restaurants. Dai also reports that users are redeeming an average of 16 drinks per month.
The company plans to bring Miami online next.