PROVIDENCE – The owner of Bottles Group LLC, a popular East Side liquor store, has raised $1.3 million in equity financing and is opening a new restaurant in Providence.
The new restaurant, dubbed “The East End,” is described as a neighborhood bar and bistro and is expected to open by late spring. The new eatery is slated to open in the Fox Point neighborhood at the corner of Wickenden and Brook streets. The space was formerly occupied by Z Bar & Grille.
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“We’re looking forward to bringing the best things we do well at Bottles – including customer service and great beverages, in addition now to food – and provide that to the community in a different way,” said Kathryn McManus, Bottles marketing director.
The East End is a separate entity from Bottles, which offers fine wines, craft beers and unique liquors at 141 Pitman St.
Gil MacLean, owner of Bottles and The East End, has renovated the Fox Point space and obtained the necessary permits and licenses to open. McManus said she expects the restaurant to maintain a strong focus on wine by the glass, craft beers and “interesting cocktails.”
The East End, however, isn’t the only new idea percolating at Bottles.
MacLean through the Bottles Group has raised $801,250 of a $2 million equity round, according to documents filed with the U.S. Securities and Exchange Commission on Wednesday.
Additionally, the company on Feb. 12 created a new subsidiary, Blackstone Opportunity Fund LLC, which raised an additional $500,000 of a separate $3.5 million equity round, according to the SEC.
Equity financing is a type of fundraising in which owners give up stake in a company in exchange for capital. The fundraising method is popular among high-risk, high-reward startups, and has helped fuel many of today’s giants, including Google and Facebook.
Besides The East End, it’s presently unclear how Bottles will use the new money, and business representatives are keeping details close to the vest. But Bottles has been growing since it opened in 2013, and has benefited from tapping into alcohol home-delivery services.
Nearly two years ago, the company augmented its already-established delivery services by partnering with Drizly, a Boston-based mobile-app company that allows customers to order booze for home delivery using their smart phones.
McManus said the company is considering more real estate and restaurant-concept opportunities, and has some other ideas, but isn’t quite ready to share specifics.
