The funding will enable the Manchester-based eCommerce retailer to scale, growing its team, while investing in product development including the launch of two new brands, Lean Brew IPA and Traces Wine.
DrinkWell said it also has plans to add several new features to its retail business, expand into the European market and invest in marketing to further build its brand, plus drive recruitment, creating jobs across various areas of the business.
The business has already introduced a number of products in the low-calorie alcohol space and more recently, launched a dedicated eCommerce store.
DrinkWell founder Tom Bell said: “For the last few years I’ve made it my life's work to bring healthier alternatives to the masses, working tirelessly to help UK consumers who enjoy drinking alcohol, but are becoming increasingly concerned about the impact it can have on their health, to find better alternatives to the products they previously had access to.
“The lifestyle drinks market is booming with innovation and more importantly, consumer demand, and DrinkWell is the home of both. We’re now seeing phenomenal demand for cleaner, lighter, and healthier alternatives that don't compromise on ABV. For this very reason, I created a marketplace for exactly that.”
Bell said the funding would enable the company to progress its wholesale proposition.
“Thanks to the investment we have received, we are also progressing our wholesale proposition directly into the trade - offering a one-stop shop to offer a ‘better for you’ drinks category. Plus, we have several more of our own label products launching over the coming months,” he said.
DrinkWell serves over 40,000 customers all over the UK with its range of sugar free wines, low carb beers and more.