Drizly’s Co-founders (pictured left to right Cory Rellas, Nick Rellas and Justin Robinson). Photo credit: Drizly

Drizly Group, a Boston-based startup that operates online alcohol and cannabis marketplaces, has announced that it’s raised $50 million in Series C funding led by Avenir, a New York-based investment firm, and with participation from Tiger Global along with other existing investors. The new fundraise adds up the total amount of funding that Drizly has raised since its inception to about $120 million. The investment will support the upkeep and expansion of the Drizly Group’s two main services, Drizly, the alcohol marketplace, and Lantern, the cannabis marketplace.

Over the past year, Drizly says its gross sales have grown over 350% and with ‘sustained profitability’, bolstered by a coronavirus pandemic that has largely driven up the demand for e-commerce transactions. Currently, Drizly operates in 235 markets across the U.S. through a network of more than 3,000 participating retail partners. Drizly enables consumers to shop large selections of beer, wine, and liquor and likewise legal cannabis in available markets. It basically operates on-demand marketplaces focused on alcohol and cannabis products.

Drizly as a company was founded in 2013. It’s based out of the city of Boston, Massachusetts.