Cocktail company Worksmith says it is on track to $4 million in revenue this financial year, only two years after entering the market.
The ready-to-serve cocktail manufacturer was founded by Michael Bascetta and Roscoe Power, who originally set up Worksmith as a drinks incubator and co-working space in 2017.
The pair said it was the major shift in drinking habits – “namely the meteoric rise of cocktails culture, coupled with unprecedented staff shortages” – that made them change the business’s focus.
In 2021, Worksmith because a batched drinks producer that supplied bars and restaurants who could not keep up with customer demand when it came to the speed and quality needed.
The business is now boasting a 233 per cent year-on-year increase and had sold 90,000 litres in FY23 to date.
It has been a busy year for the cocktail maker, former Carlton & United Breweries CEO Peter Filipovic was recently appointed as an advisor (he joined seltzer company Hard Fizz as part of its advisory board in February), with Bascetta and Power wanting to push into the retail market later this year.
“I am delighted to be joining this innovative and rapidly expanding company. I truly believe Worksmith has truly remarkable liquid when it comes to batched cocktails and what they are doing for the industry is phenomenal,” Filipovic said.
And EG Funds is now a strategic partner, with its chair and founding director Dr Michael Easson becoming the chair of Worksmith’s board and co-founder and CEO Adam Geha also coming on board.
The company has raised $1.73m in capital this year.
Its cocktails are available in kegs, slushie machines, and 750ml bottles. The products are developed in house by head of product Darren Leaney, who has worked at Melbourne Capitano’s and Dinner by Heston, Maybe Mae in Adelaide and Dandelyan and Milk & Honey in London.
Bascetta said, “Our pre-batched cocktails offer venues a reliable, high-quality solution that saves time and resources while still delivering an exceptional customer experience. We’re excited to see the hospitality industry embrace this innovative approach to cocktails.”
The Australian Venue Co group, Portsea Hotel, Stomping Ground, and ATET are some of the groups/venues using Worksmith cocktails.
