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Wednesday, Feb 21, 2024

Drinks Names New CFO

Digital commerce technology company Drinks has named Matt Wolf as its chief financial officer. Westwood-based Drinks operates a suite of e-commerce tools that enable alcohol retailers and producers to maintain compliance to regulatory rules when conducting sales.

Drinks is integrated with e-commerce platform Shopify Inc., which is one of the most popular platforms in the world for commerce sales, product data management and payment fulfillment. Drinks’ platform is rooted in a tax and compliance application that allows retailers to ensure customers don’t order more alcohol than local laws permit, accurately apply federal or local alcohol taxes to orders and disallow the sale of inventory in territories that may prohibit an item based on its alcohol content or liquid volume.

Matt Wolf

Wolf previously served as the chief financial officer of two technology companies: San Francisco-based Roadster Inc. and New York-based ChartHop Inc. He will be taking over the role at Drinks from Kristopher Scott, who had served as the company’s chief financial officer since 2018. Prior to Wolf’s arrival at the company, Drinks acquired San Diego-based Electriq Marketing in April of 2022 and sold its direct-to-consumer wine brand, Wine Insiders, to West Los Angeles-based acquisition and management firm Full Glass Wine Co. in October, both for an undisclosed amount. Drinks has raised $35 million of funding to date and most recently closed a $15 million series B funding round in 2018.

“Drinks is uniquely positioned to disrupt and revolutionize the way alcohol is bought and sold in the United States,” Wolf said. “Drinks is at an inflection point and is now fully focused on scaling its core technology, which has the potential to change the mechanics of an entire industry.”

The company’s clients include wine-subscription service Bright Cellars, O’Neill Beverages Co. LLC, alcohol e-commerce platform Speakeasy Co., Playa Vista-based Thrive Market and Beverly Hills-based Nomadica Inc.

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