WRALtechwire.com logo

Raleigh-based Social Beverage raises nearly $1.4M, wants $4M

Venture capital

Jul, 18 2017, 6:01 AM

Social Beverage Co., a  Raleigh-based firm, has raised $1.38 million in a private equity offering, according to a filing Monday with the Securities and Exchange Commission.

The emerging company raised the money from 10 investors, according to the filing. It is seeking to raise a total of $4 million from the offering.

The company raised $400,000 from investors back in October 2016. The company announced plans in December to open a vodka distillery in Kinston.

Social Beverage was founded in 2016 by Cary Joshi, Gaurav Patel and Mark Mullins.

Joshi is president. Joshi served as president of Hunter Lane Commercial Real Estate, which provided brokerage and land development services to large companies and high net worth individuals from 2002 to 2015.

Patel is vice president of marketing. He was born in India and grew up in Morehead City, North Carolina. Patel graduated with a business degree from North Carolina State University and founded Eschelon Experiences, a Raleigh-Durham hospitality group, in 2006.

Eschelon includes five restaurants in Raleigh and one restaurant in Durham: The Haymaker and Bare Bones, located in downtown Raleigh on Fayetteville Street; Cameron Bar and Grill, located in historic Cameron Village; Edwards Mill Bar and Grill located in Olde Raleigh Village; Mura, located in the North Hills Shopping Center, and well as Basan in downtown Durham.

The third founder, Mark Mullins, has over a decade of experience in the beverage and alcohol business, but prior to that he served in the U.S. Army.

Mullins is now vice president of Southern Glazer’s Wine & Spirits, a family owned sales and distribution organization working with 14,000 employees in 35 states.

Companies similar to Social Beverage , which rely on a Reg D exemption, aren’t required to register securities offerings with the SEC, but instead they must file a Form D electronically with the SEC after they sell the securities.

Note: This story is from the North Carolina Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism