Cardinal Spirits
Beloved, award-winning craft spirits & canned cocktails from $6M ARR distillery▲
Last Funded September 2023
$283,810
raised from 339 investors
Highlights
1
Case sales grew from 8k in 2017 to 127k in 2022 ($6.3M annual revenue, $32M in cumulative revenue).
2
Products sold in 8,400 retail outlets (up from 1,000 in 2018). Including Walmart, Kroger, CVS, etc.
3
Gross margin has improved from 13% in 2019, to 39% in 2022.
4
Media darlings: Featured in the Wall Street Journal and New York Times.
Our Team
CEO
Previously exited boutique media/marketing agency in NYC; CMO for tech startup incubator; early web video pioneer (has the 7th video uploaded to Youtube).
Director of Communications
Head cheerleader for Cardinal Spirits, overseeing social media, media relations, branding. Never far from a newspaper and a negroni. Former and forever journalist.
President
I love bringing a team together to accomplish complex and almost unsolvable tasks. I work on production, sales, regulatory, HR, and other day-to-day operations like our tasting room. Heavily involved in the craft spirits community state and nationwide.
Our investor deck
BRAND SALES: NATIONAL PRESS
- Wall Street Journal - Covid Brings America’s Beer-vs.-Liquor Rivalry to a Head
- Imbibe - Drink of the Week: Cardinal Spirits Bourbon Cream Soda
- Forbes - Refreshing Canned Cocktails That Are Ready for Summer Adventures
- Uncrate - Cardinal Spirits Bourbon Cream Soda
- Boston Herald - These canned cocktails let you skip bartender duty
- Washington Post - These 16 cocktails are actually worth popping open
- New York Post - Best Canned Cocktails of Summer 2020
- Midwest Living - Fall Getaway to Bloomington, Indiana
- New York Times - Canned Cocktails in Quarantine Make Mixing a One-Step Process
- Vogue - The 18 Best Canned Cocktails to Kick Off Your Summer Nights
- Bloomberg - The Best Spirits of 2019
- Wall Street Journal - The Canned Cocktails You Should Be Sipping This SummerSaveur - The Best Canned Cocktails You Can Take Absolutely Anywhere
Forward-looking projections cannot be guaranteed.
Forward-looking projections cannot be guaranteed.
Only $1.235M of the $2M will be solicited through Wefunder.
Forward-looking projections cannot be guaranteed.
Forward-looking projections cannot be guaranteed.
Forward-looking projections cannot be guaranteed.
SUMMARY: PUBLIC DEAL NEWS
- Craft Spirit Valuations Start At $1,000 per case: Forbes
Note that Cardinal currently sells 32,000 cases/year
- High West Purchased by Constellation for $160,000,000 ($2,285 per case) - WSJ
- Casamigos Purchased by Diageo for $1,000,000,000 ($58,000 per case) - Reuters
- Bulldog Purchased by Campari for $58,000,000 (5.7x revenue) - PR Newswire
- Distill Ventures and other craft spirit incubators: SevenFifty
- Big spirit companies invest in craft brands: Bevnet
- RTD Cocktail Growth: SevenFifty
- Apax Partners acquires controlling interest in Ole Smoky Distillery: PE Hub
- Heaven Hill Brands acquires Samson & Surrey: KY Bourbon Trail
- Pritzker Private Capital acquires Bardstown Bourbon Co: BusinessWire
- Bardstown Bourbon Co. to acquire Green River Spirits Co: Distillery Trail
- Diageo acquires Australian cold brew liqueur Mr. Black.: Beverage Daily
- Diageo acquires Texas-based Balcones Distilling: Forbes
- Milestone Brands acquires Canadian distillery Victoria Distillers 1908 Gin: PR Newswire
- Campari acquires 15% interest in Howler Head Banana Bourbon: Shanken News
- Campari acquires French aperitif brand Picon for $125 million: Reuters
- Campari acquires stake in Wilderness Trail Distillery for $420 million: VinePair
- Brown-Forman acquires Gin Mare brands from Vantguard: Spirits Business
- Pernod "significantly increases" its minority stake in Sovereign Brands: Beverage Journal
- Deutsch Family Wine & Spirits acquires stake in Negra Tequila: PR Newswire
- Constellation Brands fully acquires Austin Cocktails: Beverage Daily