New York City’s nightlife is witnessing a new trend which is growth of non-alcoholic bars that are fast becoming popular outlets for people who want to socialize with peers in a place that does not serve alcohol. Among Americans seeking to reduce their alcohol intake and paying attention to their health and well-being these socializing outlets have become the latest fad. Now people in all age groups have reduced their beer intake and even millennial generation has cut down on drinking in all categories.
This trend has piqued the interest of tech firm which are carrying out a re-evaluation of their policies about alcohol and investors are looking for new options to engage people that are not interested in alcohol. When Justin Kan, CEO of start-up Atrium and co-founder of Twitch launched a group on Telegram to keep in touch with people that were giving up alcohol he was surprised to see more than 1000 people join him on the quest.
Declining sales of alcoholic drinks of big brands like Heineken to Budweiser has forced them diversify into non-alcoholic and low-alcoholic drinks. Even start-up entrepreneurs see emerging opportunities in catering to needs of new social group that wants to be sober and curious.
One of these is Anu Duggal’s Female Founders Fund which has invested in start-up Kin Euphorics that recently launched a non-alcoholic beverage “High Rhode” made of a non-toxic plant, a health supplement and some botanical product. The company has affirmed that its product has not been evaluated by FDA and it does not cure or prevent any disease. Kin states that its long term goal is to create a market that does not have alcohol laced products but also drinks that do not contain excessive sugar. The firm is co-founded by Matthew Cauble and Jen Batchelor and has already attracted VC firms like Canaan Partners, Weekend Fund and Fifty Years.