EST · 2024A New Vintage of Capital

Capital for the future of drinks.

Overproof invests in beverage brands and the technology rebuilding the trillion-dollar drinks category — where the capital gap is the opportunity, and operators are the alpha.

15×
Olé exit · 36mo
47
Bev/alc M&A / yr
$1T
Category size
OVPF · LIVE
11:45:01 UTC
OLÉ COCKTAILS · 36MO
15.0×+1400%
GEN Z PARTICIPATION
74%↑ from 46%
BEV/ALC M&A · ANNUAL AVG
472020–2025
EV / REVENUE · STRATEGIC
1.2–7.5×category premium
CAPITAL GAP
$500K–$2Mpost-PMF · pre-scale
EBITDA MULTIPLES
9.3–16.9×rivals SaaS
> query: bev_alc.opportunity
200° PROOF CONVICTIONPOST-REVENUE · PRE-SCALEOPERATORS, NOT ALLOCATORSBUILT FOR THE THREE-TIERTECHNOLOGY MEETS SPIRITSTHE CAPITAL GAP IS THE OPPORTUNITY200° PROOF CONVICTIONPOST-REVENUE · PRE-SCALEOPERATORS, NOT ALLOCATORSBUILT FOR THE THREE-TIERTECHNOLOGY MEETS SPIRITSTHE CAPITAL GAP IS THE OPPORTUNITY
01 / 04What We Do

Three converging opportunities. One fund.

01The Capital Gap

Post-revenue, pre-scale.

Friends-and-family gets brands to proof of concept. Growth equity won't engage before $2M. We invest in the gap — where validated brands run out of road right before they break out.

02Tech Enablement

Software for a three-tier industry.

Distribution, compliance, DTC, retail intelligence, route-to-market. The drinks industry's tech stack is a generation behind. We back the founders rebuilding it.

03Community

Brands that bring people together.

Spirits have always been social infrastructure. We invest in operators who understand that liquid is a vehicle for community — not the other way around.

OVERPROOF · Conviction Index
0° / 200
02 / 04The Long Pour

Spirits have always brought people together.

The bar, the dinner, the wedding, the wake. For 8,000 years, alcohol has been the social infrastructure of civilization — the vehicle for the conversations, deals, and rituals that built everything else.

We invest in companies that have a proven aptitude for building community and bringing people together, when it matters most.

And in the technology — distribution, compliance, retail intelligence, DTC — that lets the next generation of operators compete with conglomerates that have a fifty-year head start.

03 / 04The Thesis

The data already shows what the market hasn't priced in.

A trillion-dollar category. A structural capital gap. Strategic acquirers buying at SaaS-level multiples. And a generation of operators rebuilding the rails. Read the long version.

Read the full thesis →
74%
Gen Z participation
9.3–16.9×
EBITDA multiples
1.2–7.5×
EV / Revenue
$500K–$2M
The gap we own