Cardinal Spirits receives funding to boost production
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Bloomington-based craft distillery Cardinal Spirits will expand its contract bottling services, ready-to-drink canned cocktails and bourbon production with a $50,000 investment from The IU Angel Network.
The distillery, which has now reached 12 states and Washington D.C., was founded by two IU graduates, Jeff Wuslich and Adam Quirk, and produces vodka, gin, rum and whiskey. It has received numerously awards for its spirits, including spots on USA Today’s top 10 rum and vodka shortlists.
This is the first time the company has received an investment from the network, a program managed by startup venture capital corporation IU Ventures. The IU Angel Network gives local business owners the opportunity to connect to similar business owners and investors in Indiana University’s global community.
“Cardinal Spirits is a great example of the entrepreneurial spirit that is thriving in Bloomington,” said Jason Whitney, chief venture officer of IU Ventures and director of the IU Angel Network, in a news release. “We are looking forward to seeing the impact they will have on the craft spirits industry.”
The company scaled up its facilities and operations recently when it moved into a 28,000-square-foot building on the city’s west side.
With the expansion, the company eyes a production of 50,000 cases of its canned cocktail, including flavors like Bourbon Cream Soda, Bourbon Honey Lemonade and Bramble Mule.