Seattle unicorn startup Swiftly acquires alcohol promotions tool

Seattle-based retail technology company Swiftly has acquired Bybe, an alcohol promotions tool headquartered in Columbus, Ohio.

The acquisition, announced Wednesday, comes after Swiftly raised two $100 million funding rounds in 2022, pushing its valuation to more than $1 billion. The companies didn't disclose the financial terms of the deal.

"Like Swiftly, the Bybe team is committed to driving transformative change in the retail industry," Swiftly co-founder and CEO Henry Kim said in a news release. "With our combined platforms, customers and partners now have access to an extensive array of tools and solutions."

According to a Swiftly spokesperson, Bybe had 10 full-time employees and 13 contractors before the acquisition. Nine of the full-time employees and 12 of the contractors are joining Swiftly, which now has more than 125 employees. Swiftly will continue to use the Bybe brand for now, the spokesperson said, and the company will continue to evaluate how to use the brand. In the release, Swiftly said Bybe co-founders Ryan Moore and Drew Knight will both join Swiftly as vice presidents.

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Bybe, founded in 2015, allows alcohol brands to manage promotions digitally. Clients can send promotions through Bybe's app, brand pages or other retail apps. Retailers, meanwhile, can include these promotions in their apps and websites. Bybe says it offers these services in compliance with state laws.

Prior to co-founding Bybe, Moore spent more than five years with the supermarket chain Giant Eagle, while Knight spent more than five years at the alcohol distribution company Heidelberg Distributing.

Swiftly, meanwhile, was founded in 2018. The company helps grocers and other retailers offer loyalty programs, digital coupons and mobile checkout. The aim is to help brick-and-mortar retailers drive more consumers into the store. Its clients include Target, Sheetz and Market Basket.

Swiftly raised $100 million in March 2022 and again in September 2022, when it hit "unicorn" status by reaching a valuation of over $1 billion. BRV Capital, Wormhole Capital, Liquid2 Ventures, Bramalea, Gaingels, Silicon Ventures, Proof VC, Western Technology Investment, Sand Hill Angels and The Martin Family have all invested in Swiftly.